Crypto analyst Darkfost said on X that long-term holders were most active during the March 2024 market top, when average daily BTC exchange inflows exceeded the annual average by more than five times. According to Odaily, he said long-term holder activity was relatively calm during the 2025 top, then increased after the bear market began, with the annual average of daily BTC exchange inflows rising from about 600 to about 1,000.

Darkfost said that as the market approached the bear-market bottom, some trading days saw inflows far above the annual average, which matched a rise in realized losses among earlier buyers at higher prices. He added that long-term holder activity is now gradually cooling, exchange inflows remain well below the annual average, and market behavior is changing as conditions become more rational.