- LTH supply jumps from 14.3M to 15.8M BTC, reflecting stronger conviction among long-term investors despite Bitcoin nearing all-time highs.
- UTXO spending by long-term holders dropped after March’s dip below $80K, showing minimal selling during volatile price action.
- SOPR for long-term holders is trending down, signaling low profit-taking even as BTC inches closer to a potential new price record.
Bitcoin long-term holders (LTHs) appear to be showing strong conviction as recent data indicates continued accumulation rather than distribution, despite prices nearing all-time highs.
Increase in Long-Term Holder Supply
According to a recent analysis shared by Darkfost_Coc on X, the supply held by long-term holders has risen from 14.3 million BTC to 15.8 million BTC. This rise reflects that holders who have kept their Bitcoin over extended periods are maintaining their positions. It also indicates that some of the BTC acquired over six months ago is now being held with long-term intent.
The data suggests a broader market sentiment among these investors. Rather than selling into strength, they are reinforcing their positions. Their behavior points to a mindset aligned with expectations of future growth, particularly as Bitcoin remains in a price consolidation phase near its all-time high.
LTH Spending Has Slowed
Darkfost_Coc also noted a marked decline in UTXOs spent by LTHs after December 2024. While Bitcoin saw a peak during that month followed by a brief downturn in March 2025—dropping below $80,000—long-term holders did not engage in heavy selling.
This pattern further confirms a strong holding strategy. The rise in long-term holder supply, paired with low spending activity, supports the idea that many of these investors are waiting for further upward price movement before considering profit-taking.
SOPR Metric Points to Continued Accumulation
On-chain data shows the Long-Term Holder Spent Output Profit Ratio (SOPR) has been decreasing even as Bitcoin edges toward a new ATH near $109,000. A downward SOPR trend typically suggests lower profit-taking behavior among LTHs.
This metric reinforces the ongoing accumulation trend among long-term holders. It also separates their current behavior from past market cycles, where a similar price level would have triggered higher profit realization. Instead, most of the current trading activity appears to be driven by short-term holders and retail investors, who usually respond more quickly to market fluctuations.
As Bitcoin continues to trade near its ATH, LTH activity remains a key metric to watch.
