On-chain data indicates that a significant portion of Bitcoin supply remains held by long-term holders (LTH), with no notable changes in holding levels in recent periods.
A long-term holder is typically defined as an entity holding Bitcoin for more than 155 days, according to data providers such as Glassnode.
The data reflects a continued decline in the movement of older coins, suggesting relatively low selling activity from this cohort compared to phases characterized by active distribution.
Analysts note that stable LTH holdings are commonly observed during periods of consolidation or transitional market phases, without necessarily implying a specific short-term price direction.
Movements within this group remain a key factor in assessing Bitcoin’s supply dynamics, particularly when evaluated alongside liquidity conditions and activity across spot and derivatives markets.