Bitcoin spent March trading in a range after a brief run-up to roughly $75,000, settling into a band near $63,000–$71,000. Despite that consolidation, on-chain metrics point to who is putting coins onto exchanges.
A CryptoQuant QuickTake by pseudonymous analyst TeddyVision finds Short-Term Holders (STHs) are the main source of BTC flowing into spot exchanges. The conclusion is based on the Bitcoin: Exchange Inflow – Spent Output Age Bands – Spot Exchanges metric, which breaks down deposits by how long coins were held before being moved to spot venues. The largest inflows come from the 0–12 month cohorts — essentially recent buyers and shorter-term participants — while coins held longer than 12 months remain largely inactive.
When older-cohort activity does show up, it tends to be in isolated spikes tied to specific events, not a steady redistribution. That pattern suggests weaker, short-term hands are supplying liquidity while longer-term holders largely sit on their positions. Historically, long-term holders have been more likely to sell into strong upward trends rather than during sideways markets.
Importantly, the market has absorbed the steady STH selling without a major price breakdown. Although persistent short-term outflows have triggered steep declines in the past, since consolidation began around February 6 the uptick in STH exchange inflows has not forced prices sharply lower.
TeddyVision also highlights the Coinbase Premium Index as evidence the U.S. spot market is exerting less downward pressure. The premium, which had spent extended periods in negative territory, has moved away from those extremes as the range formed, implying greater capacity to absorb selling.
Taken together, the on-chain picture looks like a transitional phase: visible exits from short-term holders are exposing underlying resilience from longer-term participants. That resilience does not guarantee an imminent trend reversal or a quick rebound, however.
At the time of the report Bitcoin was trading around $66,930 with little change over the prior 24 hours. Source: CryptoQuant.