Bitcoin's Long-Term Holder Supply Hits Cyclical Low as Sell Pressure Eases
In November 2025, the supply of Bitcoin held by long-term holders (LTH) dropped to 14,330,128 BTC, marking the lowest level since March. This cyclical low coincided with Bitcoin's bottom near $80,000 on November 21, representing the point where most spot-driven selling from seasoned holders had likely concluded after a 36% peak-to-trough price decline.
From July to November, LTH holdings declined steadily from 14,769,512 BTC to 14,330,128 BTC. Previous notable troughs occurred in April 2024, following a peak near $73,000, and in March 2025 before an April bottom around $76,000.
Currently, with Bitcoin trading around $90,000—about 15% above the November low—this cycle reflects more measured distribution rather than a blow-off-top capitulation. This suggests an evolution in market structure and a weakening of the traditional four-year cycle pattern. Persistent spot selling has been the primary cause of Bitcoin's year-to-date largely flat performance, but the evolving behavior of long-term holders indicates a reduction in structural sell pressure moving forward.
