Bitcoin's Great Rotation: Long-Term Holders Pass Supply to a New Generation of Buyers

After five months of tight consolidation, the Bitcoin market is confronting the distribution phase of the Wyckoff model. Research by blockchain data company Glassnode indicates that long-term holders are transferring supply to a new generation of buyers. The significance is whether support from these buyers can establish a new price benchmark for Bitcoin or whether pressure from macroeconomic policies, including those of the U.S. Federal Reserve, will trigger a sharp decline.

Bitcoin was trading within a $62,000–$64,000 range, CoinDesk reported on July 14, 2026. Glassnode's RHODL metric retreated below 6 after reaching 6.5 in early July, its second-highest reading on record, signaling an acceleration in the transfer of holdings. Unlike the panic-driven plunge during FTX's collapse in 2022, the latest consolidation reflects a steady generational rotation, though markets remain focused on the Federal Reserve's interest-rate decisions.