Bitcoin Holdings by Long-Term Buyers Surge 300% to 4 Million BTC, Tightening Liquid Supply

Long-term holder activity is an important gauge of supply dynamics in cryptocurrency markets. When long-term investors lock up large amounts of Bitcoin, liquid supply contracts significantly, often establishing a solid price floor. But supply constraints alone cannot sustain a rally without sufficient demand, making the interplay between supply and demand crucial to determining the start of the next bull market.

According to a Galaxy Digital report, the firm's head of research said on July 13, 2026, that Bitcoin supply held by long-term holders had reached 16.75 million coins, while realized market capitalization had risen to $836.4 billion and realized price had topped $50,000, all record highs. Despite the unprecedented scale of accumulation, demand indicators such as the Coinbase premium and ETF fund flows remain weak, meaning stronger near-term buying is still needed to drive prices higher.

Glassnode classifies addresses holding Bitcoin for more than 155 days as long-term holders, whose supply and demand patterns are often viewed as indicators of market confidence and potential selling pressure. Bitcoin had previously plunged about 20% from its high, making renewed accumulation by these investors an important signal of whether the price can hold above $60,000.

After Bitcoin reclaimed $60,000 on July 1, Glassnode’s onchain data showed that long-term holders had shifted from net selling to net accumulation. Retail and midsized holders were the first to add to their positions, while mega-whale addresses holding more than 10,000 Bitcoin remained neutral, with no clear sign of large-scale buying.

Bitcoin “accumulation addresses” are generally wallets that keep buying and rarely sell, making them a gauge of long-term investor demand. Miners, meanwhile, are a steady source of market supply. CryptoQuant’s on-chain data show stronger accumulation alongside easing miner sales, an important signal for assessing Bitcoin’s supply-demand dynamics in 2024.

As of the week covered by the report, Bitcoin accumulation addresses recorded net inflows of more than 67,000 BTC over seven days, while long-term holder demand rose 48.5%. The wallets had absorbed about 4.37 million BTC in total. CryptoQuant’s Miners’ Position Index (MPI) also fell to its lowest level of 2024, indicating that selling pressure from miners had eased significantly.

Bitcoin’s long-term holders are generally less affected by short-term price swings. Their growing share of holdings indicates that circulating supply is shifting from short-term traders to longer-term investors. On-chain analyst Murphy said such concentration often occurs when market sentiment is pessimistic and selling pressure is gradually being absorbed, potentially signaling that a bear-market bottom is forming rather than warning of a price peak.

Murphy said Bitcoin’s long-term holders had accumulated a record net position as of June 17, locking up about 75% of the network’s circulating supply. Whether a bottom has been established will depend on whether their distributions continue to decline in stages. Only a sustained easing in selling would provide stronger confirmation that market selling pressure is nearing exhaustion.

K33 Research said the rising share of Bitcoin held by long-term investors indicates that supply is gradually shifting to holders who are less likely to sell, reducing potential selling pressure. Historically, a growing long-term holder share combined with much of the supply trading at a loss has typically emerged in the later stages of bear markets, though it does not mean a price bottom has been confirmed.

K33 Research's latest report showed that long-term holders control a record 79% of Bitcoin's supply. About 50% of the circulating supply is at an unrealized loss, also consistent with patterns seen during previous bear-market bottoms. The report did not specify the data cutoff date and warned that the upcoming FOMC interest-rate decision could trigger volatility because of Bitcoin's strong correlation with the S&P 500.

Long-term holders (LTHs) are generally defined as investors who have held Bitcoin for at least 155 days and are less likely to sell in the near term. Changes in their supply are often viewed as an indicator of ownership structure and long-term confidence. After declining for years, LTH supply has reversed course, suggesting that more BTC is moving into the hands of holders with low turnover.

CryptoQuant data shows that Bitcoin's long-term holder supply has risen to 16.3 million BTC, approaching its January 2024 record high. LTHs accumulated more than 2 million BTC during the bear market. However, the firm cautioned that some of the increase may reflect existing holdings naturally aging into LTH status rather than new buying, leaving concerns about a shortage of buyers.

Glassnode generally classifies Bitcoin held for more than 155 days as long-term holder supply. These coins tend to move less frequently in the short term, making the metric useful for gauging potential selling pressure. As more BTC leaves active circulation, market supply tightens, making changes in long-term holdings an important indicator when assessing support at $60,000.

The latest on-chain data showed that long-term holder supply had surpassed 15 million BTC, accounting for 71.6% of the total. Analysts also said Bitcoin's weekly RSI had turned bullish for the first time since February. They believe the likelihood of the cryptocurrency falling below $60,000 again has decreased substantially, though technical indicators do not guarantee that the price will hold.