Looking at on-chain data from CryptoQuant, there are a few key points to note while $BTC is hovering around the $76.6K range:

From February to April 2026, the LTH SOPR consistently remained below 1. This proves that whales and long-term holders accepted cutting losses or distributing at break-even in a panic when the price plummeted to the $60K region.

As the BTC price recently recovered back to the $76K - $80K range, the LTH SOPR bounced back to around 1 - 1.7. New LTHs are starting to take light profits (STHs who bought the top and held long enough to become LTHs, or those selling at break-even from previous high-priced positions) as the price recovers, but there is no heavy selling pressure like in mid-2025.

LTHs are maintaining a more stable mindset. The supply pressure from this group is not strong enough to create a major distribution top. The market is in a sustainable recovery phase after a massive shakeout of weak hands.

Written by Rei Researcher