The supply of Bitcoin held by long-term holders has increased significantly in the past month, now undoubtedly reversing the declining trend that’s been dominant since the beginning of the year. Long-term holder supply is a very useful metric for understanding the sentiment of a more sophisticated part of the market, as it reflects the behavior of investors who are less likely to sell their holdings in response to short-term price fluctuations.
Between Jul. 18 and Aug. 14, the long-term holder supply grew from 13,538,543 to 13,823,283 million BTC, representing a substantial increase of 284,740 BTC. While this growth is noteworthy in itself, it becomes even more significant as it comes after a period of considerable decline in LTH supply earlier in the year.
Graph showing the total Bitcoin supply held by long-term holders from July 18 to Aug. 14, 2024 (Source: Glassnode)
The trend reversal began on May 4 and continued for two months, after which a brief two-week decrease in LTH supply
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