Bitcoin Long-Term Holders Begin Unloading Coins as Market Enters New Cycle Phase
Long-term Bitcoin holders (LTH) have begun selling their coins after reaching record accumulation levels, signaling a possible shift in the market cycle. According to CryptoQuant data, LTH supply recently turned lower after climbing towards 16 million BTC, while short-term holder supply remained relatively subdued.
This trend is similar to previous cycles of LTH supply curves, which reflect how early on experienced investors sell part of their portfolios when prices rise. The first major price run-up in this cycle was about 31 months long, compared to 8, 17, and 16 months from previous cycles.
The continued ETF inflows, institutional participation, and persistent whale accumulation likely delayed the next redistribution phase. However, LTH supply remains near historical highs, suggesting profit-taking has only begun.