On-chain data shows that long-term holders of Bitcoin have been ramping up their selling lately, a possible reason behind BTC’s drop below $100,000.
Bitcoin long-term holders have made gains
In a new after at These are called the investors who hold their coins for more than 155 days, without selling them or involving them in any transaction on the blockchain.
Statistically, the longer an investor holds onto their coins, the less likely they are to sell them in the future. As such, the LTHs with their long holding times are typically considered single-minded entities.
However, despite their resilience, there are times when even these diamond hands can decide to part with what they own. One such moment happens to be now.
As the chart below, shared by Glassnode, shows, Bitcoin LTHs have been reducing their supply lately.
This latest LTH selloff is not the first in this cycle. As shown in the chart, these HODLers also sold in both 2024 rallies. In between these sell-offs, their supply increased at a significant rate.
Something to note is that while LTH sales are recorded directly on the chart, the same is not true for buying. When LTH supply grows, it does not mean accumulation is happening in the present. Rather, it implies that some coins were purchased five months ago and have now been held long enough to exceed the LTH threshold.
The last wave of coin maturation in the LTH cohort peaked in mid-2025. Since then, the group has been losing coins at a variable rate. The latest trend is clearly that of acceleration, as the chart below shows.
The accelerating LTH distribution wave has arrived as Bitcoin faces bearish momentum. It’s possible that some HODLers think this is their last chance to make a profit, so they’ve decided to quit.
Over the past few days, BTC has been trying to hold on to over $100,000 in light of this sell-off, but it appears the asset has succumbed over the past day as the price has fallen below the mark.
Historically, bull markets have lasted as long as new demand has continued to flow in to absorb sales from the diamond hands. So it remains to be seen whether the price drop will be met with an injection of demand, or whether this selling will lead to an extended bearish phase for Bitcoin.
BTC price
At the time of writing, Bitcoin is hovering around $98,500, down 3% in the past 24 hours.