Bitcoin long-term holders reach highest supply level in nine months

Yesterday 09:05

By: Dakir Madiha

Bitcoin long-term holders reach highest supply level in nine months

Bitcoin supply held by long-term investors has climbed to about 15.26 million BTC, representing nearly 77 percent of total circulating supply. The level marks a nine-month high and reflects renewed holding behavior among investors who entered the market near recent price peaks. On-chain data shows a clear shift away from distribution and toward accumulation among long-term wallets.

Market analytics indicate that long-term holders added roughly 316,000 BTC over the past 30 days. This contrasts sharply with late November 2025, when the same cohort sold about 650,000 BTC over a similar period. Analysts tracking wallet behavior describe long-term holders as less reactive to short-term volatility, often treating Bitcoin exposure as a multi-cycle position rather than a trading asset.

Accumulation has also been reinforced by large-scale buyers. Wallets holding at least 1,000 BTC, often labeled as whale addresses, absorbed around 270,000 BTC in a single month leading up to April 20. This marked the strongest monthly accumulation for this segment since 2013. At the same time, exchange reserves fell to 2.21 million BTC, a seven-year low and about 5.88 percent of circulating supply, reducing immediately available sell-side liquidity.

A further supply adjustment is expected in late May as approximately 800,000 BTC previously withdrawn from Coinbase cross the six-month threshold and are reclassified as long-term holdings. This technical shift would mechanically increase the long-term holder supply metric without additional market activity. The trend adds to a broader pattern of coins moving into dormant status.

Attention now turns to macroeconomic signals that could influence liquidity conditions. Traders are focused on the upcoming release of Federal Reserve meeting minutes scheduled for May 20 at 14:00 Eastern time. The April policy meeting held rates at 3.5 percent to 3.75 percent amid elevated inflation readings at 3.3 percent in March, the highest since mid-2024.

Market participants are watching for signals on future interest rate direction, especially after recent leadership transition at the central bank. Any indication of tighter monetary policy could weigh on risk assets, including cryptocurrencies. Analysts note that Bitcoin’s sensitivity to liquidity conditions and institutional flows has increased, with exchange-traded fund inflows contributing to sustained demand during recent weeks.