Bitcoin’s long-term holder (LTH) supply is nearing all-time highs, with a remarkable 16.3 million BTC currently held by investors who have maintained their positions for at least 155 days. This significant accumulation marks an increase from 14.12 million BTC recorded during the cryptocurrency’s peak price of over $126,000 in October. In just the past month, LTH supply has surged by approximately 200,000 BTC.
The only previous instance when LTH supply reached higher levels was in January 2024, ahead of the much-anticipated U.S. spot bitcoin ETF launch. At that time, the supply peaked at 16.4 million BTC. Following the ETF launch, long-term holders distributed nearly 2 million BTC, coinciding with a bullish rally in bitcoin’s value.
Historically, long-term holders have been recognized as the more astute investors during market fluctuations. During previous bear markets in 2015 and 2019, these holders increased their positions by acquiring BTC during periods of price weakness after having divested during the preceding bull runs.
Since the ETF launch earlier this year, LTH supply has generally varied between 14 million and 16 million BTC. However, recent data suggests that this cohort has broken out of a 2.5-year downtrend, signaling a renewed pattern of accumulation rather than distribution, even as bitcoin prices remain depressed. This trend indicates a potential shift in sentiment among long-term investors as they navigate the current market landscape.
