Bitcoin's 6-12-Month Holders Are Showing a Significant Shift in Selling Behavior

According to CryptoQuant, the proportion of $BTC transfers from the 6-12-month holder cohort directed to exchanges declined from 40.4% in June to 4.4% by October 15. Total transfers from this cohort reportedly increased from 157,700 to 205,400 $BTC, while exchange-bound transfers fell from 63,800 to approximately 9,100 $BTC.
This divergence suggests that holders remain active in moving their assets but are increasingly avoiding exchange deposits, traditionally associated with potential selling activity.
The decline could reduce immediate sell-side pressure from an important group of medium-term investors, particularly if the trend persists during Bitcoin's consolidation around $80,000.
However, lower exchange inflows do not necessarily indicate accumulation. Transfers may reflect custody restructuring, internal wallet movements, or other non-trading activity. Exchange deposits are also an imperfect measure of actual selling. For a sustainable recovery, reduced exchange inflows would need to coincide with stronger spot demand, improving liquidity and consistent institutional inflows.
The data point to easing potential distribution pressure, a constructive development for $BTC. Confirmation through spot volume, ETF flows, and price structure remains essential before interpreting it as a bullish reversal.