Long-term BTC holdings fall to lowest level in eight months, disrupting past cycle patterns.

Bitcoin (BTC $88,536.75) long-term holder (LTH) supply has dropped to an eight-month low of 14,342,207 BTC, a level last seen in May, coinciding with nearly a 40% decline from October’s all-time high.

Glassnode defines LTHs as entities that have held bitcoin for at least 155 days, which sets the current cohort cutoff around mid-July. Any buyer from that period who has held since is considered a long-term holder.

This marks the third significant wave of LTH distribution in the ongoing cycle, which began in early 2023. The first wave occurred from late 2023 into early 2024 after U.S. spot bitcoin ETFs launched, as LTHs sold into strength while bitcoin rose from roughly $25,000 to near $73,000 by March 2024.

The second wave unfolded later in the year, as bitcoin approached $100,000 amid optimism surrounding former President Trump’s election victory. The current third wave of selling has emerged even as bitcoin held above $100,000 for much of the year.

A cycle unlike previous bull markets

Unlike prior cycles in 2013, 2017, and 2021—where LTH supply typically followed a single boom-and-bust pattern, bottoming near euphoric highs before gradually recovering—this cycle has seen repeated waves of distribution without a clear blow-off top.

Alec, co-founder of Checkonchain, noted that this level of LTH activity is unprecedented in recent history, with the market absorbing the third wave of selling remarkably well. LTH distribution remains one of bitcoin’s primary sources of sell-side pressure and has contributed significantly to the nearly 40% correction from October’s peak.