Bitcoin long-term holder selling cools as Coinbase shuffle distorts on-chain signals and ETF flows loom

In late November, Coinbase’s large internal wallet migration distorted Bitcoin long-term holder metrics, making routine fund shuffling appear like renewed selling pressure. After adjusting for this effect, on-chain data suggests long-term holders are only modestly reducing sales, while ETFs and recent U.S. Federal Reserve moves continue to shape short-term market direction. Analysts outline multiple scenarios from stabilization to renewed distribution, emphasizing that any shift back to steady accumulation would likely take time to confirm.