Bitcoin’s long-term holders (LTH) are now returning to accumulation for the first time since July.
Defined as entities holding bitcoin for at least 155 days, LTHs have net accumulated approximately 33,000 BTC over the past month according to onchain data from checkonchain.
Sales from LTHs have been among the largest sources of sell pressure this year, alongside miner capitulation.
This cohort has been a significant source of distribution, while miners often need to sell bitcoin when facing losses.
Since it takes 155 days for short-term holders to become long-term holders, it indicates that buyers from the last six months are now transitioning into long-term holders, surpassing any distributions.
During the 36% correction from October, LTHs sold over 1 million BTC, marking the largest sell-pressure event from this group since 2019, coinciding with that year’s market low around $3,200.
The October sell-off represents the third distribution phase for LTHs in the current cycle that began in 2023. The first phase was in March 2024, when bitcoin reached $73,000 with over 700,000 BTC sold, followed by the second phase in November when bitcoin hit $100,000 and more than 750,000 BTC were distributed by LTHs.
