Bitcoin mid-term holders slash exchange transfers to 4.4% from 40.4% in June

Bitcoin holders who bought in the last 6 to 12 months have mostly stopped sending coins to exchanges. Only 4.4% of the Bitcoin they moved recently landed on a trading platform, down from 40.4% in mid-June.

The analysis comes from IT Tech, a contributor who used on-chain data from CryptoQuant. It was published through CryptoQuant’s QuickTake platform. The numbers point to reduced selling pressure from a group of investors who usually react quickly to price swings.

What the on-chain data shows

The metric looks at Bitcoin aged 6 to 12 months that moved in the past 30 days, then asks how much of that moving supply went to an exchange.

In mid-June, the answer was 40.4%. By mid-October, it had fallen to 4.4%.

The total amount of moving coins did not shrink, which matters. Monthly movement for this group stayed fairly steady, fluctuating between approximately 143,700 and 216,500 BTC over the period.

The most recent reading showed about 205,400 BTC moving, up from 157,700 BTC earlier in the season. So these holders are actually shifting more coins than before, not fewer.

The difference is where those coins end up. Exchange-bound amounts fell steadily, from 63.8K BTC in June to only 9.1K BTC by October.

Who these holders are and why it matters

According to the analysis, many in this cohort bought their Bitcoin near or after the peak price in 2025. The analysis frames the current behavior as a preference to hold onto their assets rather than cash out for profit at this time.

What this means for the Bitcoin market

With fewer mid-term coins flowing toward exchanges, the analysis suggests immediate selling pressure from this group may ease. The research also points to a possible stabilizing effect, as fewer coins available to traders could potentially reduce volatility in the near term.

But the analysis flags a real concern: the absence of fresh buying demand. Significant price moves typically require new money coming in. Fewer sellers can slow a decline but does not, by itself, push prices higher.

First, whether the 4.4% figure holds. A sudden rebound in exchange-bound share would suggest this cohort’s patience is running out. A jump back toward June levels would put renewed sell pressure on the market.

Second, total movement volume. The cohort moved about 205,400 BTC in the latest reading, near the top of its recent range.

Third, demand-side signals. Supply relief only matters if buyers show up. Without new capital entering the market, lower selling pressure may simply translate into a flat, sleepy market.

There is also a time element baked into the metric. Coins in this cohort will age past the 12-month mark and drop out of the group, while newer purchases will age into it, meaning the composition of mid-term holders keeps shifting.