Overview
- On Thursday, May 21, 2026, on-chain data showed long-term holder (LTH) supply at roughly 16.3 million BTC, a level that breaks a roughly two-and-a-half-year downtrend.
- LTH holdings have risen by more than 2 million BTC since October 2025 and increased by about 200,000 BTC in the past month, indicating renewed net accumulation by longer‑term investors.
- Analysts define long-term holders as addresses that have not moved coins for at least 155 days and often treat that cohort as “smart money” because it tends to buy in weakness and hold through rallies.
- The rise reverses much of the distribution that followed the January 2024 U.S. spot ETF launch, suggesting coins moved into ETFs or institutional custody have migrated back into long-duration wallets.
- With fewer coins freely tradable on exchanges and reduced new issuance after the 2024 halving, the tighter supply base could make prices more sensitive to new inflows and change how investors plan risk and custody.