CoinMeta data: Crypto analyst Axel Adler indicates that long-term Bitcoin holders have been reducing their holdings for seven consecutive weeks, but the market is still able to absorb the selling pressure. The data shows that long-term holders increased their holdings by about 1.2 million BTC in May, but since August 17th, they have started to reduce their holdings. As of September 28th, their holdings had decreased by 73,400 BTC, which is an increase from a decrease of 1,100 a week earlier. Compared to the reduction of about 1.07 million BTC in November 2025, the current scale of reduction is relatively limited. In addition, the SOPR indicator for long-term holders has been above 1 for two consecutive weeks, with a value of 1.18 on September 28th, reflecting that long-term holders are realizing a profit of about 18%.