Bitcoin long-term holders curb selling as spot buyers absorb supply near $89k range

Bitcoin’s long-term holders have cut back on selling, with distribution pressure deep in the accumulation zone and average daily spending at 221 BTC, while the SOPR shows they still transact at a profit. Scarcity metrics such as the Stock-to-Flow Ratio at 798.8k and a Stock-to-Flow Reversion of 2.09 point to valuation compression, as spot buyers maintain demand and Bitcoin trades in a consolidation range between $84,473 and $93,476. Liquidations of about $6.6 million, skewed toward $4.64 million in short positions versus $1.95 million in longs, suggest downside pressure is weakening as buyers absorb forced selling.