Long-term Bitcoin Holders Near Record as ETFs Weather Dips

On-chain data show investors who have not moved bitcoin for at least 155 days now control about 16.3 million BTC, a level close to historical highs. That stock of coins has risen even as bitcoin briefly tested levels above $80,000 and then slipped to its lowest point in nearly a month.

Long-term holders are defined as addresses that have not transferred their coins in 155 days or more. Analysts and market participants monitor that measure to identify supply that is unlikely to be sold quickly. The recent increase in that pool followed a period during 2024 when long-term holdings generally ranged between about 14 million and 16 million BTC.

Many addresses in the long-term cohort add to positions incrementally during price pullbacks. Retail buyers in particular have increased small purchases when prices fall rather than making large, one-time buys. Those purchases contribute to the overall rise in coins classified as long-term held.

Spot bitcoin exchange-traded funds, which hold or track physical bitcoin on behalf of investors, operate in a market with limited available supply. When a larger share of coins is held long term, funds may face less competition for circulating bitcoin when they need to buy, which can affect how managers execute inflows.

Historical on-chain trends show long-term holder supply has increased in past periods of price weakness, including market downturns in 2015 and 2019, when long-term addresses accumulated coins after earlier distributions. Since spot bitcoin ETFs began trading in January 2024, long-term supply largely fluctuated in a 14 million to 16 million BTC range until the recent move above 16 million.

The increase to roughly 16.3 million BTC does not determine future price moves. Market participants continue to track long-term holder supply alongside other liquidity and flow measures when assessing conditions for ETFs and the broader market. Metrics cited include the total coins classified as long-term held, patterns of incremental accumulation, and the relative size of coins available for trading.