Bitcoin LTH Supply Bottoms as Sell Pressure Fades

Bitcoin's Long-Term Holder (LTH) supply reached a cyclical low on November 21, coinciding with Bitcoin's price bottoming near $80,000. With the price now rebounding to $90,000, this data indicates that the majority of spot-driven selling pressure, which had kept Bitcoin flat year-to-date, has likely been exhausted. LTHs are defined as entities holding coins for at least 155 days, and their supply decreased from 14.77 million BTC in July to 14.33 million BTC in November. Unlike previous cycles where distribution occurred during retail mania peaks (like 2017 and 2021), this cycle's distribution was more measured, suggesting an evolution in market structure and holder behavior that deviates from the traditional four-year cycle pattern.

(Source：CoinDesk)