Bitcoin’s long-term holder (LTH) supply is climbing back toward record levels, signaling renewed accumulation among investors who have held Bitcoin for at least 155 days.
Currently, around 16.3 million BTC is held by long-term holders. This marks a steady increase from roughly 14.12 million BTC seen near the time Bitcoin hit its record high above $126,000 in October. Over just the past month, LTH supply has expanded by approximately 200,000 BTC, highlighting a fresh wave of accumulation.
The only period when LTH holdings were higher was in January 2024, when supply reached about 16.4 million BTC ahead of the launch of U.S. spot Bitcoin ETFs—an event widely seen as a major milestone for the asset. In the months following that launch, long-term holders distributed nearly 2 million BTC as prices advanced.
Historically, long-term holders—often considered “smart money”—tend to accumulate during periods of market weakness after distributing during bull market peaks. This pattern was also visible during the 2015 and 2019 bear markets, when LTH supply rose steadily as investors accumulated during downturns.
Since the ETF launch in January 2024, however, LTH supply has mostly oscillated between 14 million and 16 million BTC. More recently, the trend appears to be shifting again, with supply breaking out of a roughly 2.5-year downtrend. This suggests long-term holders may be transitioning back into accumulation mode even as market conditions remain uncertain.
