On-chain data shows Bitcoin long-term holders have been ramping up their selling recently, a potential reason behind BTC’s fall under $100,000.
Statistically, the longer an investor holds onto their coins, the less likely they become to sell them in the future. As such, the LTHs with their long holding times are usually considered to be resolute entities.
As the below chart shared by Glassnode shows, the Bitcoin LTHs have been reducing their supply recently.
This latest wave of selling from the LTHs isn’t their first for the cycle. As is apparent in the graph, these HODLers sold into both the 2024 rallies as well. In between these selloffs, their supply was rising with significant speed.
Something to note is that while LTH selling is instantly registered in the chart, the same isn’t true for buying. When the LTH supply grows, it doesn’t mean any accumulation is happening in the present. Rather, what it implies is that some coins were bought five months ago, which have now been held long enough to clear the LTH threshold.
The last wave of coin maturation into the LTH cohort peaked in mid-2025. Since then, the group has been shedding coins at a variable rate. The latest trend has clearly been that of acceleration, as the below chart visualizes.
The accelerating wave of distribution from the LTHs has arrived as Bitcoin has been suffering from bearish momentum. It’s possible that some of the HODLers are thinking this could be their last chance to take profits, so they have decided to exit.
During the last few days, BTC was trying to hold above $100,000 in the face of this selloff, but the asset appears to have buckled during the past day as its price has breached under the mark.
At the time of writing, Bitcoin is floating around $98,500, down 3% over the last 24 hours.
