BlackRock’s Bitcoin Buying Spree Continues Amidst Slowing Long-Term Sales
BlackRock, the world’s largest asset manager, has added nearly $900 million worth of Bitcoin (BTC) to its portfolio in the first week of January, according to data from Lookonchain. This significant investment comes as long-term Bitcoin holders are selling at the lowest rate since 2017, despite rising prices. The combination of these two factors suggests that the downward pressure on the market may be easing, following a decline in the fourth quarter.
BlackRock’s BTC holdings have been steadily increasing, with the company currently holding around 780,400 BTC, worth approximately $70 billion. The asset management giant’s BTC holdings peaked at around 804,000 BTC on November 30th, valued at around $96.5 billion. Although the inventory fell to 771,000 BTC by January 1st, BlackRock quickly added almost 9,000 BTC in the first week of January. 
BlackRock’s BTC holdings. Source: Arkham Intelligence
Long-Term Holders Selling at Lowest Rate Since 2017
The institutional buying coincided with a notable shift among long-term holders. Bitcoin’s Exchange Inflow Coin Days Destroyed (CDD) metric on Binance has fallen to its lowest level since 2017, suggesting that older coins are barely making it to exchanges. 
Bitcoin exchange inflow CDD on Binance. Source: CryptoQuant
For comparison, the supply of long-term holders fell from over 15 million in July 2025 to 13.6 million in November 2025. In the last few months, the supply of long-term holders has not decreased further. This suggests that long-term holders are becoming less active in the market, which could be a sign of a potential accumulation phase.
Signs of BTC Accumulation as Recent Sellers Step Back
On-chain data from CryptoQuant helps explain this shift. The SOPR ratio, which broadly compares whether new buyers and long-term holders sell at a profit or loss, has fallen to levels associated with market restarts. Newer participants sell at a loss while long-term holders remain profitable and largely inactive. 
Dynamics of Bitcoin SOPR LTH-STH. Source: CryptoQuant
This pattern reflects a clean-up period after strong rallies, where speculative positions are unwound and coins change hands at lower prices. With Bitcoin down about 20-25% from its highs, this dynamic may mark the early stages of accumulation, assuming selling pressure from recent buyers continues to ease.
Bitcoin’s Unrealized Profit/Loss Data Suggests a Reset
Bitcoin’s net unrealized gain/loss (NUPL) added another layer of context. The indicator is currently near the 0.3 level, an area that has historically marked transitions from recovery to more constructive market conditions. Holders are returning to moderate gains on average, but the market remains far from the excess seen near the peaks of major cycles. 
Unrealized Bitcoin Net Gain/Loss. Source: CryptoQuant
This positioning suggests a cautious transition phase rather than a clear breakout. Confidence appears to be building again, but a more comprehensive confirmation of both on-chain and market structure would be required before a stronger move. For more information, visit https://cointelegraph.com/news/blackrock-adds-dollar900m-btc-as-bitcoin-long-term-selling-falls-to-2017-lows?utm_source=rss_feed&utm_medium=rss_category_market-analysis&utm_campaign=rss_partner_inbound
