Bitcoin’s long-term holder (LTH) supply is moving back toward record territory, indicating renewed accumulation among investors who have held Bitcoin for at least 155 days.
At present, LTH supply stands at around 16.3 million BTC. That is up from roughly 14.12 million BTC near the period when Bitcoin reached its all-time high above $126,000 in October. Over the past month alone, long-term holders have added approximately 200,000 BTC, pointing to a steady return of accumulation.
The only time LTH supply exceeded current levels was in January 2024, when it peaked near 16.4 million BTC ahead of the launch of U.S. spot Bitcoin ETFs, a major milestone for the asset. In the months following that launch, however, long-term holders distributed close to 2 million BTC as prices rallied.
Historically, LTH behavior tends to follow a cyclical pattern: accumulation during market weakness and distribution during strong bull phases. Similar trends were seen in the 2015 and 2019 bear markets, when long-term holders steadily increased exposure while prices remained under pressure.
Since the ETF launch in early 2024, LTH supply has largely fluctuated within a 14 million to 16 million BTC range. More recently, however, the data suggests a shift, with supply breaking out of a multi-year downtrend that had been in place for roughly 2.5 years.
This move indicates that long-term holders may once again be accumulating Bitcoin at current price levels, rather than distributing into strength, despite ongoing uncertainty in broader market conditions.
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