Long-term holders are contributing significantly to the selling pressure in the cryptocurrency market, with over 65% of loss-making inflows to exchanges originating from this group. According to Glassnode, the "Long-Term Holder/Short-Term Holder Exchange Realized Profit/Loss Relative Ratio" indicates that a majority of the funds currently entering exchanges are from long-term holders selling at a loss. This trend highlights the ongoing dominance of selling pressure in exchange fund flows, as long-term holders liquidate their positions despite incurring losses. The data suggests a cautious market sentiment among these investors, potentially impacting overall market dynamics.