BlackRock significantly increased its exposure to Bitcoin in early January, adding close to 9,000 BTC as selling activity among long-term holders slowed to levels last seen in 2017. The combination points to easing downside pressure following the late-2025 market pullback.
BlackRock’s renewed buying comes after trimming positions toward the end of last year, suggesting early signs of accumulation as market conditions stabilize.
BlackRock Rebuilds Bitcoin Exposure
On-chain data from Lookonchain shows that BlackRock accumulated Bitcoin for three consecutive days, adding roughly 9,619 BTC valued at about $878 million. The firm’s total holdings now stand near 780,400 BTC, worth approximately $70 billion, based on data tracked by Arkham Intelligence.
BlackRock’s Bitcoin position peaked near 804,000 BTC at the end of November, before sliding to around 771,000 BTC by January 1. The latest purchases mark a swift reversal of that drawdown, with nearly 9,000 BTC added in the first week of the new year alone.
Long-Term Selling Drops to Multi-Year Lows
Institutional buying has coincided with a sharp slowdown in long-term Bitcoin selling. The Exchange Inflow Coin Days Destroyed (CDD) metric on Binance has fallen to its lowest level since 2017, indicating that older coins are barely moving onto exchanges.
This suggests that long-term holders are choosing to hold rather than sell, even with Bitcoin trading at elevated price levels. Supporting this trend, long-term holder supply declined to 13.6 million BTC in November 2025 from more than 15 million in July, and has since stabilized without further meaningful reductions.
On-Chain Signals Point to Accumulation Phase
Additional insight from CryptoQuant highlights a shift in market dynamics. The SOPR ratio, which compares profit and loss behavior between recent buyers and long-term holders, has dropped to levels typically associated with market resets.
Newer participants have been selling at a loss, while long-term holders remain largely profitable and inactive. This pattern often appears after strong rallies, when speculative positions unwind and coins gradually move into stronger hands.
With Bitcoin trading roughly 20% to 25% below its recent highs, these conditions can signal the early stages of accumulation — provided selling pressure from short-term holders continues to fade.
Profit Metrics Suggest a Market Reset
Bitcoin’s Net Unrealized Profit/Loss (NUPL) metric adds further context. Currently hovering near the 0.3 level, NUPL has historically marked transitions from recovery phases toward more constructive market conditions.
While holders are back in moderate profit on average, the metric remains far below levels associated with major cycle peaks. This points to a cautious rebuilding phase rather than an overheated market.
Overall, on-chain indicators suggest confidence is gradually returning, though broader confirmation from price action and market structure will be needed before a sustained upside move can take hold.
