During the current market correction, long-term bitcoin holders (LTHs) have returned to net accumulation for the first time since July, signaling a shift in sentiment after months of heavy selling.
LTHs — defined as entities holding bitcoin (BTC $87,768.09) for at least 155 days — accumulated roughly 33,000 BTC on a 30-day net basis, according to onchain analytics from checkonchain. Selling from this cohort has been one of the largest sources of market pressure this year, alongside miner capitulation, which typically occurs when miners are forced to liquidate bitcoin at a loss.
The recent accumulation suggests that buyers from the past six months are now transitioning into long-term holders, outpacing distribution. LTHs sold more than 1 million BTC during the 36% correction in October, marking the largest sell-pressure event from this group since 2019, a period that coincided with bitcoin’s bear market low around $3,200.
The October sell-off represented the third major LTH distribution phase of the current cycle, which began in 2023. The first occurred in March 2024, when bitcoin reached $73,000 and over 700,000 BTC were sold, followed by a second phase in November 2024, when bitcoin reached $100,000 and more than 750,000 BTC were distributed.
