PANews reported on October 27th that according to The Block, Glassnode data shows that since mid-October, approximately 62,000 bitcoins (worth approximately $7 billion) have been transferred out of long-inactive wallets, marking the first significant drop since the second half of 2025. This reduces the illiquid supply of Bitcoin and may make it more difficult for price increases to form. However, Glassnode noted: "Interestingly, during this period, whale wallets have actually been increasing their holdings. The holdings of whale wallets have increased over the past 30 days, and they have basically not sold off significantly since October 15th."

Furthermore, wallets holding approximately $10,000 to $1 million worth of Bitcoin saw the largest outflows, having been selling continuously since November. Glassnode wrote: "Momentum buyers have largely exited the market, while bargain hunters have failed to generate sufficient demand to absorb this supply. With the number of first-time buyers remaining flat, this supply-demand imbalance will continue to pressure prices until stronger spot demand emerges." The decline in Bitcoin prices has been accompanied by a similar decline in the percentage of Bitcoin in circulation that is profitable. Currently, approximately 82.3% of the supply is profitable, up from the year-to-date low of 76.0% in April.