A multi-year downtrend in Bitcoin’s long-term holder supply has been broken as holdings approach record highs.

Bitcoin’s long-term holder (LTH) supply is moving closer to record highs, signaling renewed accumulation among investors who have held Bitcoin for at least 155 days.

LTH holdings currently sit at around 16.3 million BTC, rising from roughly 14.12 million BTC around the time Bitcoin peaked above $126,000 in October. In the past month alone, long-term holders have accumulated about 200,000 BTC, indicating a steady build-up in conviction.

The only period when LTH supply was higher was in January 2024, when it reached approximately 16.4 million BTC ahead of the U.S. spot Bitcoin ETF launch—one of the most significant structural events in Bitcoin’s history. In the months that followed, long-term holders distributed nearly 2 million BTC as prices rallied strongly.

Historically, LTH supply tends to follow a cyclical pattern, increasing during bear markets as experienced investors accumulate, and declining during strong uptrends as they take profit. Similar behavior was observed during the 2015 and 2019 market cycles.

Since the ETF launch in early 2024, LTH supply has largely moved within a 14 million to 16 million BTC range. However, recent data suggests that this range-bound behavior may be shifting, with supply breaking out of a multi-year downtrend that has lasted roughly 2.5 years.

The trend points to a potential return of accumulation among long-term holders of Bitcoin, who appear to be adding exposure at current levels rather than distributing into strength, despite ongoing macro and market uncertainty.