Bitcoin’s long-term holder supply has climbed to roughly 16.64 million BTC, a record level that places about 83% of current circulating supply in coins held for at least 155 days.
The latest public dashboard reading put Bitcoin long-term holder supply at 16.63 million BTC, while Bitcoin’s live circulating supply stood near 20.05 million BTC. That makes the long-term holder cohort worth about $1.07 trillion with BTC trading near $64,100.
The 155-day threshold is widely used in onchain analysis because coins that survive that holding period become statistically less likely to move. Glassnode’s methodology places the long-term and short-term holder split around a logistic transition centered on 155 days, rather than treating every coin as flipping behavior on one exact day.
The latest reading clears the 16.4 million BTC area that had marked the previous high around the spot Bitcoin ETF launch period. In May, long-term holder supply was still near 16.3 million BTC and approaching record territory, after rising by more than 2 million BTC from the prior cycle’s distribution phase.
Locked Supply Tightens The Market Float
A record long-term holder balance does not mean Bitcoin cannot fall. It does show that more supply is sitting with investors who have not moved coins through the latest drawdown, ETF volatility, and macro-driven risk swings.
That distinction matters for market structure. When a larger share of BTC sits in older wallets, the liquid float available for exchanges, market makers, short-term traders, and ETF creation or redemption activity becomes more sensitive to incremental demand. A smaller active supply base can amplify moves in both directions, especially when derivatives positioning and spot liquidity thin out at the same time.
The setup is especially notable because the record comes while ETF demand has weakened. U.S. spot Bitcoin ETFs recently posted a record $6.35 billion 30-day net outflow, tying the long-term holder record to a market where fund redemptions, macro caution, and weaker spot activity have kept BTC near the low-$60,000 range.
Long-term holder accumulation can also absorb selling from older coins when institutional buyers are active. CryptoQuant CEO Ki Young Ju previously argued that Strategy and ETF buyers absorbed large old-whale selling, highlighting how corporate treasuries and regulated funds can change the supply path even during weaker price periods.
Holder Conviction Meets Weak Spot Activity
The record LTH figure adds a supply-side contrast to Bitcoin’s recent market tone. BTC has stabilized near $64,000, but spot participation has been uneven and exchange activity remains far below stronger-cycle conditions. Crypto spot volume recently fell to its lowest level since October 2023, showing that high long-term holder conviction is not the same as broad risk appetite returning.
The bull case is straightforward: if fresh demand returns while more than four-fifths of BTC supply sits in older hands, the market may have less immediately available supply to absorb new buying. That can matter most during ETF inflow rebounds, treasury-company accumulation, or a macro rotation back into hard-asset trades.
The risk is that long-term holders also become the main source of supply when rallies get large enough. Previous Bitcoin cycles have seen older coins distribute into strength after long accumulation phases. A record LTH balance therefore creates a tighter float today, but it also builds the supply pool that can later meet demand if price momentum returns.
The verified onchain condition is clear: roughly 16.64 million BTC now sits in the long-term holder cohort, leaving short-term holders and active market participants with a smaller share of the circulating supply as BTC trades near $64,100.
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