Headline: Long-term holder supply tumbles to eight-month low as Bitcoin weathers third wave of profit-taking Bitcoin’s long-term holder (LTH) supply has slid to an eight-month low, underscoring an unusual pattern of repeated profit-taking this cycle. On-chain analytics from Glassnode show LTH supply at 14,342,207 BTC — a level not seen since May — as BTC trades near $87,484, roughly 40% below its October all-time high. What counts as a long-term holder? Glassnode defines LTHs as addresses that have held BTC for at least 155 days, which puts the current cohort cutoff around mid-July — so any buyer from then who has not moved their coins is included. The recent drop in LTH supply represents the third distinct wave of distribution in the ongoing market cycle, according to on-chain analysis. Timeline of the three sell waves - Wave 1: Late 2023 into early 2024 — LTHs sold into strength after the launch of U.S. spot Bitcoin ETFs, as BTC climbed from roughly $25,000 to near $73,000 by March 2024. - Wave 2: Later in 2024 — further distribution as the market surged toward $100,000 amid heightened optimism following President Trump’s election victory. - Wave 3: 2025 — continued LTH selling while BTC spent much of the year above $100,000, driving supply lower again. Why this cycle is different Historically, during the 2013, 2017 and 2021 bull runs, long-term holder supply tended to follow a single boom-and-bust sequence: LTH supply would bottom around euphoric peaks and then recover gradually as buyers re-accumulated. This cycle has diverged — instead of one blow-off top and a single major distribution event, the market has absorbed multiple, repeated waves of LTH sales without a classic climax. Market observers say this is notable. Alec, co-founder of Checkonchain, described LTH spending this cycle as “unlike anything seen in recent history,” highlighting that the market has been able to absorb a third sell wave without collapsing — a sign of deeper liquidity or stronger buyer interest at different price points. Implications LTH distribution remains a major source of sell-side pressure and is a clear contributor to the nearly 40% correction from October’s highs. That said, the market’s ability to absorb multiple distribution waves suggests demand at various levels is still robust. Key metrics to watch going forward include further shifts in LTH supply, accumulation by new cohorts, ETF flows and macro developments that could influence both holder behavior and overall liquidity. Bottom line: repeated profit-taking from long-term holders has reshaped this cycle’s narrative — the supply base for “hodlers” is smaller than it was months ago, and markets appear resilient enough to digest multiple distribution waves rather than a single blow-off top. Read more AI-generated news on: undefined/news

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