Bitcoin long-term holders have accumulated roughly 371,000 BTC in the last 30 days, boosting the total supply held by this group to a record 16.34 million BTC. The figures come from the latest on-chain analysis by Axel Adler Jr., highlighting a trend that has persisted since mid-January.
Long-term accumulation strengthens
The amount of Bitcoin held by long-term investors increased by 2.32% over the past month, pushing long-term holder (LTH) supply to its highest level ever recorded. LTH supply has remained in positive territory for 186 straight days. During this period, Bitcoin’s price slipped from $65,700 to $63,800, while the one-year trend shows a sharper correction, with prices falling from $118,600 to $63,800.
Axel Adler Jr. stated that the accumulated coins are moving away from the hands of short-term traders into those of committed long-term holders. This shift, he claimed, effectively reduces the volume of Bitcoin available for open trading on the market.
Adler argued that while the growing LTH supply indicates persistent accumulation, it has not been enough to trigger a price rebound as overall demand has remained soft.
Coin Days Destroyed and market dynamics
The report examined Coin Days Destroyed (CDD), a metric that tracks spending activity from older Bitcoin wallets. Over the last 30 days, CDD is recorded at 313 million coin days. This level is well below the annual average of 450 million, and dramatically lower than the 899 million seen the previous year.
Although CDD has increased 63% from its low in March and is up 21% for the month, Adler said these figures do not yet indicate substantial selling pressure from long-term holders. He noted that only a sustained move above the yearly average CDD would signal returning activity from older coins.
Mini dictionary: Coin Days Destroyed (CDD), a Bitcoin-specific metric that measures economic activity by multiplying the amount of BTC moved with the number of days since the coins were last moved, providing insights into the spending behavior of long-term holders.
Demand lag persists as supply tightens
Despite ongoing accumulation, price momentum has remained subdued. Adler observed that, historically, similar cycles saw long-term holders quietly accumulate Bitcoin while prices consolidated or declined. These periods often ended only when new buyers entered the market, including both retail investors and institutions, or when broader economic factors improved.
Adler suggested that while reduced selling can limit available supply, it does not by itself create enough buying pressure to drive prices higher. The current market lacks the demand needed to convert this supply reduction into a sustainable price rally.
Long-term holders continue to remove Bitcoin from circulation, but unless demand rises or price stability returns, their accumulating supply will act more as a safety net for the market, not as a catalyst for immediate gains.
Open interest in Bitcoin futures across major centralized exchanges remains far below the all-time highs seen at the 2025 market peak. This suggests that traders have not yet returned en masse to seek risk or leverage, keeping market activity subdued for now.
| Current Value | Annual Average | Previous Year | |
|---|---|---|---|
| LTH Supply | 16.34M BTC | N/A | N/A |
| Bitcoin Price | $63,800 | N/A | $118,600 |
| CDD (30 days) | 313M coin days | 450M coin days | 899M coin days |
