The amount of Bitcoin held by long-term holders has climbed to approximately 14.83 million BTC, approaching all-time highs and snapping a multi-year downtrend that defined the last bull market’s distribution phase. That figure represents about 76.09% of all circulating Bitcoin sitting in wallets that haven’t moved coins in over 155 days.
In plain English: three out of every four Bitcoin in existence are being held by people who, at least statistically, aren’t interested in selling anytime soon.
The distribution era is over
To understand why this matters, you need to know how Bitcoin market cycles typically work. During bull runs, long-term holders (LTHs), the so-called “strong hands,” gradually sell into rising prices. That’s distribution. New buyers absorb the supply, short-term speculation heats up, and eventually the cycle tops out.
The reverse happens during bear markets and early recovery phases. Long-term holders stop selling, start accumulating again, and the LTH supply climbs. Think of it as the smart money quietly restocking the shelves while everyone else argues about whether the store is still open.
