Sell pressure eases as Bitcoin’s long-term holder base hits its lowest point in the cycle.

Bitcoin Long-Term Holder Supply Hits Cycle Low as Selling Pressure Eases

Bitcoin’s long-term holder (LTH) supply reached a cyclical low when the price dipped to $80,000, suggesting that the wave of spot-driven selling may be nearing its end. Since then, the price has rebounded to $90,000, up roughly 15% from the recent bottom, indicating that much of the market’s selling pressure has already been absorbed.

LTH supply, which tracks entities holding coins for at least 155 days, bottomed on Nov. 21, coinciding with Bitcoin’s $80,000 low. The subsequent stabilization and early uptick in supply signal that seasoned holders are reducing their distribution, easing structural selling pressure in the market.

Since July, long-term holders have pared their holdings from 14,769,512 BTC to 14,330,128 BTC in November. Previous LTH supply troughs occurred in April 2024 and March 2025. The April 2024 decline followed Bitcoin’s all-time high of $73,000, reflecting distribution into strength. The March 2025 low aligned with the correction triggered by Trump-era tariff concerns, which saw Bitcoin bottom near $76,000 in April.

Historically, LTH supply tends to drop sharply during retail-driven mania phases at cycle peaks, as seen in 2017 and 2021. This cycle, however, appears different: instead of a dramatic blow-off top and rapid distribution, the market has shown steadier, more measured flows. Analysts suggest that this shift reflects evolving market structure and holder behavior, challenging traditional four-year cycle patterns.

As long-term holders stabilize, the easing of selling pressure could provide a firmer foundation for Bitcoin’s price recovery in the months ahead.