Anthony Pompliano, CEO of Professional Capital Management, stated on Monday that selling pressure on Bitcoin (CRYPTO: BTC) appears to be easing, pointing to on-chain data from Binance Research.

‘Sustained Long-term Holder Conviction’

In a video posted on X, Pompliano cited four key data points to back his thesis.

First, he noted that nearly 60% of Bitcoin has not moved in a year, a significant increase from 27% in 2012. This, according to him, was an indication of Bitcoin becoming more “illiquid” over time, in turn pointing to a “sustained long-term holder conviction.”

Secondly, he highlighted the short-to-long-term realized value ratio, which is currently sitting deep in its “historical bottom zone. A low ratio indicates that long-term investors are moving more value compared to short-term speculators, often marking ideal long-term accumulation zones in bear markets.

Thirdly, Pompliano highlighted the shrinking Bitcoin balances on exchanges, down from 17.6% during COVID to 15% as of this writing.

“That suggests less future selling is possible,” Pompliano said.

Lastly, he pointed out that new buyers are still underwater, but they’re getting much closer to breakeven.

“We know short-term holders are beginning to rebuild their unrealized gains, and this means a new wave of selling pressure is unlikely to materialize,” Pompliano added.

Read Also: Bitcoin Almost Drops To $70,000: ‘Imagine How Much Weaker It Will Be When Nasdaq Has A Correction,’ Peter Schiff Says

Bears Are Still Dominating

A vocal Bitcoin advocate, Pompliano said last week that buying the cryptocurrency when it’s “out of favor” could be a good contrarian play.

Pompliano has consistently stressed the importance of holding Bitcoin as a “hedge” against dollar debasement, and remains optimistic about the asset eventually reaching $1 million over time.

But Bitcoin isn’t exactly behaving like a hedge, though. The cryptocurrency dropped below $70,000 early Tuesday as concerns grew that the shaky U.S.-Iran ceasefire may not last long.

Adding to the panic, Strategy Inc. (NASDAQ:MSTR) reported selling BTC worth $2.5 million, ironically flipping from being Bitcoin’s largest buyer to a seller.

Price Action: At the time of writing, BTC was exchanging hands at $69,929.85, down 4.29% in the last 24 hours, according to data from Benzinga Pro.

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