Long-Term Holder Supply Retreat Sparks Debate Over Bitcoin Market's Next Move
Bitcoin's long-term holders have begun to reduce their positions after reaching record levels in July 2026, sparking debate over the market's next major move.
The cohort of addresses holding for at least 155 days had steadily accumulated coins throughout months, pushing their supply toward historic peaks near 16 million BTC. However, on-chain data from mid-2026 shows a shift in behavior, with long-term holders beginning to reduce positions following record levels reported in July.
Analysts tracking CryptoQuant and related platforms note that this change coincides with LTH/STH SOPR ratios approaching 1 and MVRV readings compressing toward 1.21-1.22, patterns observed near prior cycle lows in 2015, 2019, and 2022.
The market's response to this shift is being closely watched, as it may signal a transition from distribution into renewed accumulation.