727 FinancePANews reported on September 26 that crypto analyst Darkfost wrote that the current activities related to long-term Bitcoin holders (LTH) are gradually cooling down, exchange inflows are still significantly lower than the annual average, their behavior is changing, and the market is becoming more rational.
Judging from exchange inflows, LTH was most active during the bull market stage during the market top in March 2024, and the average daily inflow to the exchange once exceeded the annual average by more than 5 times. In contrast, LTH was relatively quiet during the top in 2025, and then saw a significant increase in activity as the bear market began, with the annual average of daily BTC exchange inflows also rising from about 600 to about 1,000. As the market neared the bear market bottom, some trading days saw inflows well above the annual average, consistent with previous increases in losses realized by buyers at the top.