BlackRock bought $900 million of BTC as a long-term selloff at 2017 lows.
BlackRock's new purchases of Bitcoin (BTC) will take place alongside a sharp slowdown in long-term selling, a combination that represents low upside pressure after the recent market pullback in Q4.
Main Receptors:
BlackRock added nearly $900 million worth of bitcoin in the first week of January, rebuilding exposure after the late 2025 crash.
Long-term holders of Bitcoin have been selling at the lowest prices since 2017, despite their higher value.
Onchain data indicated the degree of concentration that may exist between certain wallet clusters.
According to data from Lookonchain, BlackRock has added 9,619 BTC worth about $878 million in Bitcoin hoarding over the past three days. The asset management company currently holds about 780,400 BTC, $70 billion.
BlackRock's BTC holdings peaked at about 804,000 BTC on November 30. At the time, that position was valued at around $96.5 billion. Although holdings fell to 771,000 BTC on January 1, BlackRock quickly increased to 9,000 BTC in the first week of January.
The institutional buyout coincided with a significant shift among long-term holders. Bitcoin's Exchange Inflow Coin Days Destroyed (CDD) gauge on Binance has fallen to its lowest level since 2017, indicating that older coins are moving to exchanges.
For context, the supply of long-term bonds fell from over 15 million in November 2025 to 13.6 million in July 2025. Long-term supply has not declined further in the past two months.
BTC stock signals when recent sellers go sideways
CryptoQuant's Onchain data helps explain this shift. The SOPR ratio, which broadly compares whether recent buyers and long-term holders are selling at a profit or loss, fell to levels associated with a market reset. New entrants sell at a loss, while long-time owners remain profitable and largely inactive.
This pattern shows a clearing phase after sharp rallies, where speculative positions are resolved and coins exchange at lower prices. With Bitcoin down 20% to 25% from its highs, this trend could indicate the early stages of accumulation as the selling pressure from recent buyers continues to wane.
Related: Morgan Stanley's Bitcoin ETF Could Offer Strategic Value Beyond Inflows, Analysts Say
Bitcoin's unconfirmed profit/loss data points to a reset
Bitcoin's Net Unrealized Profit/Loss (NUPL) added another layer of context. The scale is currently sitting near the 0.3 level, a zone where the market has transitioned from recovery to more constructive conditions. Holders have returned to moderate gains on average, but the market is far from the gains seen near major cycle peaks.
This placement is not an outright rupture, but suggests a cautious transitional phase. Confidence appears to be rebuilding, but extensive validation of both onchain and market structure is needed before strong action can be taken.
Related: Bitcoin Average Returns 100% After Years: Will the Pattern Repeat in 2026?
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