Bitcoin investors are sitting on their hands, and the data says that’s a very good sign. Long-term holder supply just hit 16.64 million BTC, a new all-time high, according to Coinglass data shared on July 21.
That figure represents roughly 83% of Bitcoin’s total circulating supply. In plain English: five out of every six Bitcoin in existence haven’t budged in over five months.
From capitulation to conviction in eight months
The long-term holder (LTH) metric tracks coins that have sat untouched for at least 155 days. It’s a proxy for investor conviction. When LTH supply rises, it means holders are choosing not to sell. When it drops, it means coins are moving to exchanges or new buyers, typically during periods of distribution or panic.
Back in November 2025, LTH supply had cratered to 14.33 million BTC during a price correction that dragged Bitcoin toward the $80K range. Roughly 2.3 million BTC shifted from long-term to short-term classification in a matter of weeks.
