Data compiled by Woofun AI reveals that Bitcoin long-term holders, specifically those retaining assets for over five years, have significantly reduced their selling activity. The 90-day average of Spent Transaction Output (STXO), a key metric for tracking distribution behavior, previously peaked in May 2024, February 2025, and September 2025.

Currently, this indicator has retreated to 962 BTC, marking the lowest level observed since November 2024. This contraction suggests that veteran investors are increasingly inclined to maintain their positions within the current price range, thereby easing overall market selling pressure.