Bitcoin long-term holders push exchange inflows to 5.1% record amid price drop

CryptoQuant analyst Darkfost reported that long‑term Bitcoin holders (LTH) accounted for 5.1% of exchange inflows on July 28, the highest share since 2020, as the cryptocurrency’s price fell sharply. The rise in LTH inflows is viewed as a signal that traditionally stable investors are moving BTC to exchanges, potentially increasing short‑term sell pressure.

On‑chain data also shows a record net increase of about 1.29 million BTC in LTH positions over a 30‑day window, the largest in six years. The surge is linked to the approval of US spot Bitcoin ETFs, especially BlackRock’s iShares Bitcoin Trust, and expanding corporate treasury holdings, which keep BTC in long‑term custody and gradually reclassify it as LTH. Simultaneously, Bitcoin held on exchanges has been declining, tightening the available supply for trading.