Bitcoin Long-Term Holder Supply Hits Cyclical Low Amid Easing Sell Pressure
- On Nov. 21, long-term holder (LTH) supply reached a cyclical low while bitcoin bottomed around $80,000.
- The price of bitcoin has since recovered to approximately $90,000, reflecting a rise of about 15% from the low.
- Long-term holders reduced their holdings from over 14.7 million BTC in July to about 14.3 million BTC in November.
- Previous troughs in LTH supply occurred in April and March, coinciding with significant market events.
- This cycle shows steadier ebbs and flows compared to sharp declines observed during previous retail-driven mania phases in past cycles.
The recent stabilization of long-term holder supply suggests that structural sell pressure is easing within the market, which may influence future price movements for bitcoin. This trend reflects an evolution in market behavior and holder dynamics compared to previous cycles.
With long-term holders reducing their holdings significantly this year, from over 14 million BTC, the market may be entering a new phase of stability as sell pressure diminishes.
