BlackRock has added roughly $900 million of Bitcoin in the first week of January, rebuilding exposure after an end-of-2025 drawdown. The move coincides with a slowdown in long-term selling, a dynamic that suggests downside pressure is moderating. On-chain data from Lookonchain shows the firm accumulated 9,619 BTC worth about $878 million over the past three days, lifting its holdings to roughly 780,400 BTC, or about $70 billion. BlackRock’s BTC position peaked at about 804,000 BTC on Nov. 30, was around 771,000 BTC on Jan. 1, and has since added close to 9,000 BTC in the first week of January.
Long-term holders are selling at their lowest rate since 2017 despite elevated prices, while the recent on-chain activity indicates accumulation by large investors. Bitcoin’s CDD on Binance has fallen to its lowest level since 2017, signaling that older coins are not moving onto exchanges.
Long-term holder supply declined from over 15 million in July 2025 to 13.6 million in November 2025, with little change thereafter. The SOPR ratio has dropped to levels associated with market resets, with newer buyers selling at losses while long-term holders remain profitable and largely inactive. This pattern suggests a clean-up phase after rallies, potentially marking early-stage accumulation if selling pressure continues to drop.
Bitcoin’s Net Unrealized Profit/Loss sits near 0.3, a zone historically linked to transitions from recovery into more constructive market conditions. Holders, on average, are back in moderate profit, but the market remains far from the excess seen near major cycle tops. This positioning suggests a cautious transition phase rather than a clear breakout, and broader confirmation on on-chain and market structure would be needed before a stronger move.
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