Bitcoin’s long-term holder (LTH) supply—defined as coins held for at least 155 days—has surged to approximately 16.3 million BTC, approaching its all-time high of 16.4 million BTC set in January 2024. This marks a decisive break of a two-and-a-half-year downtrend in the metric, signaling a major shift in accumulation behavior among the market’s so-called “smart money.”
According to data cited by CoinDesk, LTH holdings have climbed from around 14.12 million BTC in October 2025, when Bitcoin hit its record high of roughly $126,000. That represents an increase of more than 2 million BTC absorbed by long-term holders over the subsequent eight months. In the past month alone, the cohort added another 200,000 BTC, underscoring aggressive buying even as spot prices faced downward pressure.
Historically, long-term holders accumulate during periods of price weakness or bear markets and distribute during bull runs. The current uptick reverses the distribution that occurred after the launch of U.S. spot Bitcoin ETFs in early 2024, when LTHs shed nearly 2 million BTC into the rally. Now, that distributed supply is being reabsorbed, with some estimates suggesting LTH dominance has risen to roughly three-quarters of circulating supply.
The development tightens the freely tradable float, a dynamic that has historically amplified upside price moves when fresh demand enters the market. Analysts note that such a sustained rise in LTH supply at or near record levels often precedes later-stage bull legs rather than immediate blow‑off tops. However, with Bitcoin already having printed a new high in October 2025, the current cycle is navigating uncharted territory, and the outcome of this accumulation phase may determine whether that peak holds or becomes just another waypoint.
