Bitcoin holders of 6 to 12 months send coins to exchanges

A striking movement in Bitcoin on-chain data is drawing the attention of analysts. Holders who keep their coins for between six and twelve months are sending increasingly large amounts to exchanges. This could indicate strategic repositioning, just before a new market phase.

Bitcoin is available at OKX and Bybit.

What the data shows

Analyst Nino from CryptoQuant publishes an analysis based on several on-chain indicators. The charts show a clear increase in the so-called Exchange Inflow Spent Output Age Bands for the 6-12 month category. These are coins that last moved between six months and a year ago, and are now being sent to an exchange.

At the same time, the UTxO Realized Cap in this age category is rising sharply. The total realised value of these coins has now reached nearly $38 trillion, indicating that these are not small amounts. These are coins that were bought at a certain level and are now, with Bitcoin around $65.000, being prepared for possible sale or redeployment.

Repositioning or preparing to take profit?

According to the analyst, the increased inflow to exchanges does not necessarily have to be negative. He states that this group of holders is actively rebalancing their portfolio and possibly preparing for the next phase of the market. This could mean they are taking profit, but also that they are freeing up capital to re-enter elsewhere.

What stands out in the charts is that the Spent Output Age Bands Dominance for this group remains relatively low, indicating that the share of this cohort in total transaction volume is still limited. However, the absolute numbers are increasing. If this trend continues and the dominance also rises, it could be an early signal of greater selling pressure. For now, the data suggests cautious repositioning rather than a mass exit from the market.