Selling pressure from Bitcoin holders who bought near the 2025 peak has dropped sharply, with only 4.4% of BTC held for 6-12 months flowing to exchanges over the past 30 days. This marks a steep decline from the mid-June high of 40.4%, indicating that high-cost basis investors have largely ceased selling and reducing immediate upside resistance. Monthly exchange inflows for this cohort remain between 143,700 and 216,500 BTC, but the proportion destined for exchanges has fallen consistently since July. Despite the reduced sell-side pressure, analysis suggests new buying demand has not yet clearly emerged to drive sustained price gains.