For the past six months the story was simple long term Bitcoin holders were selling. Not panic selling but steady distribution while price was strong. When Bitcoin was trading high these patient wallets slowly reduced exposure. It was not loud but the data showed it clearly.
Then something shifted after January 12 2026.
The selling pressure from long term holders started fading. Around the 62K to 68K range behavior changed. Instead of sending coins to exchanges they began adding again. Year to date numbers show daily average accumulation rising to around 115 BTC. At the same time distribution almost disappeared. The strongest hands in the market stepped back in.
This matters because long term holders usually move early. They are not emotional traders. They do not chase green candles. When they buy it is usually during fear or boredom. When they sell it is usually into strength. So the fact that they stopped selling and started accumulating near 62K to 68K tells us that zone was seen as value.
But here is the important part.
Is it enough to move price higher
Right now the answer is no.
Yes accumulation is happening again. Yes selling pressure from long term holders has cooled off. But the size of buying is still small compared to what is needed to create strong upside momentum. 115 BTC per day sounds meaningful but in a market this large it is not explosive demand. It is more like quiet positioning.
There is no aggressive expansion in buying. No strong surge that signals a new trend leg up. It feels more like stabilization than ignition.
So what does this mean
It means one thing clearly the heavy distribution phase from long term holders looks finished for now. That alone removes a big source of supply from the market. When long term wallets are not selling it reduces background pressure. That is positive.
But reduced selling is not the same as strong buying.
For price to push higher in a sustainable way we need either larger scale accumulation from long term holders or strong demand from new participants. Right now we only see the first stage small steady re accumulation.
Historically this kind of pattern often shows up before a major move. First distribution ends. Then the market goes quiet. Volatility compresses. Sentiment feels uncertain. After that a larger directional move follows. Sometimes up sometimes down. The key is expansion after contraction.
At this moment we are in that quiet phase.
Long term holders are back to buying but without real force. Momentum is missing. Volume is not exploding. The market is waiting.
The coming weeks are important. If accumulation accelerates and daily averages climb higher that would signal conviction. If buying stalls and price weakens again then this was only a pause not a base.
For now the clean takeaway is simple.
The selling wave from long term Bitcoin holders that lasted about six months appears to be over. Around the 62K to 68K range they shifted from distribution to accumulation. Daily average buying moved up to roughly 115 BTC and selling pressure almost vanished.
But this buying alone is not strong enough to drive price higher yet.
The market is calm. The patient hands are slowly positioning again. Whether this turns into real momentum or stays quiet will decide the next big move.