The supply of long-term holders (LTH) of Bitcoin is approaching all-time highs. This cohort currently holds 16.3 million BTC, defined as investors who have held bitcoin for at least 155 days.
The LTH supply has increased from 14.12 million BTC at the time bitcoin hit its all-time high above $126,000 in October, to 16.3 million BTC today. In the last month alone, LTH supply increased by approximately 200,000 BTC.
The only other time LTH supply was higher was in January 2024, when it reached 16.4 million BTC ahead of the launch of the US bitcoin spot ETF, one of the most anticipated events in bitcoin history. In the following months, this cohort distributed nearly 2 million BTC as bitcoin recovered.
Typically, during periods of price weakness or fully bearish market conditions, long-term holders, often seen as the smarter money, begin to increase exposure after disinvesting during the previous bull market. During the bear markets of 2015 and 2019, LTH supply increased as investors accumulated during price weakness.
However, since the ETF’s launch in January 2024, LTH supply has largely fluctuated between 14 million and 16 million BTC. Now, it appears to have broken out of a two-and-a-half-year downtrend, suggesting that long-term holders are once again accumulating rather than distributing during low bitcoin price levels.
