Recent data from on-chain analytics is revealing a significant behavioral shift among long-term Bitcoin investors, particularly whales, as the average dormancy period for Bitcoin is reaching its highest levels in a month. In early October 2025, the average dormancy—reflecting how long Bitcoins have been held before being moved—has surged, signaling a potential shift toward profit-taking among holders.
CryptoQuant’s findings indicate that this rise in average dormancy could suggest increased selling pressure or looming price corrections. As long-term holders begin to move or sell their coins, market dynamics could be shifting, potentially leading to a drop in Bitcoin prices.
In conjunction with the increase in dormancy, the Coin Days Destroyed (CDD) metric is also showing a notable spike. This metric gauges when coins are spent relative to the amount of time they’ve been held. The observed rise indicates that veteran Bitcoin investors may be cashing in on their investments following recent price increases. Significant transactions support this analysis, including a remarkable transfer of 32,322 BTC—valued at roughly $3.93 billion—from wallets that had been dormant for three to five years. This event marks the most substantial movement of that age class in 2025, illustrating heightened activity among long-term holders.
Additionally, a noteworthy transaction involving an old Bitcoin wallet that had remained inactive for 12 years has stirred interest, as it transferred 100 BTC, worth about $12.5 million, to two new addresses. The wallet had initially purchased 691 BTC at a mere $132 each, which now translates to a staggering value of approximately $86 million.
Further illustrating this trend, OnChain Lens reported a significant deposit of 3,000 BTC—around $363.9 million—by a whale into the Hyperliquid exchange. This investor proceeded to convert 960.57 BTC into USDC, leaving a balance of 46,765 BTC valued at $5.7 billion. Analysts noted that previous selling activity from this whale had preceded significant declines in Bitcoin’s value, prompting concern regarding potential market impacts.
Although these signs of distribution among long-term holders might indicate a period of profit-taking, many experts remain optimistic about Bitcoin’s trajectory. Farzam Ehsani, CEO and co-founder of VALR, emphasized that the recent rally appears to be built on solid fundamentals rather than mere speculation. While some profit-taking may create short-term volatility, he believes that the overarching market dynamics remain favorable.
Ehsani forecasts that Bitcoin may test the $130,000-$135,000 range in Q4 2025, and possibly reach $140,000 by the first quarter of 2026, so long as there are no significant macroeconomic or geopolitical disruptions. However, he also warned that adverse conditions could momentarily hinder the rally and lead Bitcoin back toward levels around $120,000 or even $117,000. Despite this, there appears to be strong interest in buying dips at those price points, which would bolster support levels if market confidence is maintained.
In summary, while signs of profit-taking and potential selling pressure are surfacing among long-term Bitcoin holders, continued optimism regarding the cryptocurrency’s future persists in the market.
