Net accumulation by long-term holders eases a major pressure point for bitcoin.

Long-term bitcoin holders (LTHs) have returned to net accumulation for the first time since July, signaling a shift after months of significant selling.

LTHs — defined as entities holding bitcoin (BTC $87,768.09) for at least 155 days — added roughly 33,000 BTC on a 30-day net basis, according to onchain analytics firm checkonchain. Selling from this cohort has been one of the largest sources of downward pressure this year, alongside miner capitulation, which occurs when miners are forced to liquidate bitcoin while mining at a loss.

The recent accumulation indicates that buyers from the past six months are now transitioning into long-term holders, outpacing distribution. During the 36% correction in October, LTHs sold more than 1 million BTC, marking the largest sell-pressure event from this group since 2019 — a period that coincided with bitcoin’s bear market low around $3,200.

The October sell-off was the third major LTH distribution phase of the current cycle, which began in 2023. The first occurred in March 2024, when bitcoin reached $73,000 and over 700,000 BTC were sold, followed by a second phase in November 2024, when bitcoin hit $100,000 and more than 750,000 BTC were distributed.