Bitcoin Long-Term Holder Supply Hits Cyclical Low as Selling Pressure Eases
Bitcoin’s long-term holder (LTH) supply reached a cyclical low when prices touched $80,000, signaling that much of the spot-driven selling may be winding down. Since then, Bitcoin has climbed back to $90,000, roughly 15% higher, suggesting that the 36% peak-to-trough correction has largely passed through the market.
LTHs—entities holding Bitcoin for at least 155 days—saw their supply bottom on Nov. 21, coinciding with the price low. The subsequent stabilization and modest rebound in supply indicate that seasoned holders are slowing their distribution, easing structural sell pressure in the market.
From July to November, long-term holders reduced their holdings from 14,769,512 BTC to 14,330,128 BTC. Historical troughs occurred in April 2024 and March 2025. The April 2024 dip followed Bitcoin’s all-time high of $73,000, reflecting holders selling into strength. The March 2025 low aligned with a correction driven by tariff concerns, with Bitcoin bottoming near $76,000.
In previous cycles, LTH supply typically fell sharply during retail-driven mania phases, as seen in 2017 and 2021. This cycle, however, has been more measured, with steadier inflows and outflows rather than dramatic sell-offs. Analysts suggest this reflects an evolution in market structure and holder behavior, signaling a shift away from traditional four-year cycle dynamics.
With long-term holders stabilizing, Bitcoin may now face reduced selling pressure, laying the groundwork for a potential recovery in the months ahead.
Share this content:
