Long Term Holders (LTH) of Bitcoin returned to accumulation for the first time since July.
LTHs, defined as entities that have held bitcoin for at least 155 days, have accumulated approximately 33,000 BTC on a 30-day net basis, according to onchain data analysts checkonchain.
The LTH sell-off has been one of the two biggest sources of selling pressure this year, along with miners capitulating.
LTHs were a major distribution source, while miners are typically forced to sell bitcoins while mining at a loss.
Since it takes 155 days for short-term holders to transition to long-term holders, this suggests that buyers from the past six months are now becoming long-term holders and exceeding the distribution.
LTHs sold over a million BTC during October’s 36% correction, marking the largest selling pressure event in this cohort since 2019, a period that ultimately coincided with the bottom of the bear market that year, with bitcoin at around $3,200.
The October sale was the third LTH distribution phase since the current cycle began in 2023. The first occurred in March 2024, when bitcoin hit $73,000 and over 700,000 BTC were sold, while the second occurred in November when bitcoin hit $100,000 and over 750,000 BTC were distributed by LTHs.
