Bitcoin’s long-term hold (LTH) supply is nearing all-time highs. Currently, 16.3 million BTC are owned by this cohort, defined as investors who have held bitcoin for at least 155 days.
LTH supply has increased from 14.12 million BTC around the time of bitcoin’s record high above $126,000 in October to the current 16.3 million BTC. In the past month alone, LTH supply has increased by around 200,000 BTC.
The only other time LTH supply was higher was in January 2024, when it reached 16.4 million BTC ahead of the launch of the US spot bitcoin ETF, one of the most anticipated events in bitcoin history. In the months that followed, nearly 2 million BTC were distributed by this cohort as bitcoin soared.
During periods of price weakness or full market conditions, long-term owners, often considered the smarter money, typically begin to increase exposure after selling off during the previous bull market. During both the 2015 and 2019 bear markets, LTH supply increased as investors accumulated during price weakness.
However, since the ETF launch in January 2024, the LTH supply has largely fluctuated between 14 million and 16 million BTC. Now it appears to have broken out of a 2.5-year downtrend, suggesting that long-term owners are once again accumulating rather than distributing during bitcoin’s depressed price levels.
