The Spent Output Age Bands (SOAB) indicator shows that long-term holders (LTHs) of bitcoin locked in significant profits during the November-December 2024 bull market, said CryptoQuant analyst Yonsei. Investors with holding periods of six to 12 months have been the most active sellers recently, most of whom purchased bitcoin at the launch of spot ETFs at the beginning of the year, and their selling activity has put some downward pressure on the bitcoin price. However, strong demand has kept the bitcoin price in the $90,000 to $100,000 range. Meanwhile, investors with holding periods of more than a year sold less during the period, and the Binary CDD indicator showed that bitcoin's old-coin sales declined in December compared to November, suggesting that the majority of long-term holders may still be expecting further price gains.