BTC Long term holder supply hits 8 month low as this cycle breaks from historical patterns
Bitcoin's long-term holder supply has dropped to an eight-month low amid three distinct distribution waves this cycle.Summary
The supply held by Bitcoin long-term holders (LTHs)—defined as those holding for at least 155 days—has fallen to 14,342,207 BTC, an eight-month low last seen in May. This decline coincides with Bitcoin falling nearly 40% from its October all-time high. This current cycle is characterized by three distinct waves of LTH distribution since early 2023: the first followed the ETF launch, the second was driven by Trump election optimism, and the third is occurring now as BTC trades above $100,000. This repeated distribution without a clear euphoric top contrasts sharply with prior cycles (2013, 2017, 2021), where LTH supply typically followed a single boom-and-bust pattern. The sustained LTH selling remains a major source of sell-side pressure in the market.
(Source：CoinDesk)