Bitcoin's Long-Term Holders Hit Cyclical Low as Sell Pressure Eases
In November 2025, the supply of Bitcoin held by long-term holders (LTHs) fell to a cyclical low of 14.33 million BTC, marking an important shift in market dynamics. This LTH supply bottomed on November 21, coinciding with Bitcoin trading near $80,000.
Following this low point, Bitcoin rebounded to approximately $90,000, suggesting that the majority of spot-driven selling by seasoned holders has likely passed after a roughly 36% peak-to-trough decline throughout mid to late 2025.
From July to November 2025, LTH holdings decreased from 14,769,512 BTC to 14,330,128 BTC. Previous LTH supply troughs were observed in April 2024 and March 2025; the April 2024 decline followed Bitcoin’s all-time high near $73,000, while the March 2025 low occurred amid concerns over Trump tariffs, with a bottom around $76,000 in April.
Unlike prior market cycles characterized by sharp capitulation events, the 2025 distribution appears more measured, indicating a changed market structure and a possible dent to Bitcoin's established four-year cycle.
Long-term holders are defined as entities that have retained their coins for at least 155 days, with coins aging out from short-term holders into this cohort over time.
Persistent spot selling has been the primary factor keeping Bitcoin's price largely flat year-to-date; however, the recent rebound has reduced structural sell pressure and could signal a stabilization in the market.
