The weekend witnessed a notable fluctuation in Bitcoin’s value, as the flagship cryptocurrency dipped below the crucial $75,000 threshold on Saturday morning. This downturn stirred concerns among investors; however, Bitcoin has since made gains, currently aiming to reclaim the $77,000 mark.
An intriguing trend has emerged among Bitcoin’s long-term holders (LTH), with a significant increase in the supply they control. Pseudonymous analyst Darkfost shared insights on social media platform X, revealing that the supply held by long-term investors surged from 15 million to 15.8 million BTC over the last few days. Yet, this increase might not be an accurate reflection of investor optimism.
The uptick in LTH supply appears to be skewed, particularly influenced by recent movements within the cryptocurrency exchange Coinbase. In a notable transaction between November 22nd and 23rd, 2025, Coinbase relocated approximately 800,000 BTC—valued at nearly $70 billion at that time—across its internal wallets. Darkfost highlighted that this transfer inadvertently affected various on-chain metrics, creating a misleading dataset. Specifically, the movement destroyed older LTH unspent transaction outputs (UTXOs) and generated new records that do not accurately represent the actual market dynamics.
As the analyst pointed out: “This maintenance transfer impacted several essential datasets across multiple platforms, which influences UTXO-based metrics and other growth indicators.”
Additionally, Saturday marked six months since the Coinbase transaction, meaning the moved BTC has now completely transitioned into the long-term holder supply category. Typically, an increase in LTH supply is interpreted as a positive sign of accumulating interest and confidence among seasoned investors. However, caution is advised, as this metric may not genuinely indicate a surge in demand among market participants.
Looking ahead, Darkfost indicated the next significant resistance level for Bitcoin’s price, which currently rests just above the $80,000 threshold. He noted that short-term investors appear to be opting to cut their losses rather than hold their positions, contributing to the resistance Bitcoin faces at their average cost basis.
At present, Bitcoin is valued around $76,490, reflecting a modest 1% increase over the last 24 hours. For a sustained recovery, the cryptocurrency is expected to surpass the $80,000 barrier, a crucial step for potential further gains.
