Amid the past few months of market volatility is Bitcoin [BTC] Long-Term Holders (LTH) continued to accumulate supply. LTH supply rose to an all-time high of 16.64 million BTC, accounting for approximately 83% of the total circulating supply.
That’s notable considering that Bitcoin price remains below previous cycle highs year to date. In other words, it appears that the majority of investors are increasing their holdings rather than selling.
LTH supply fell in previous cycles as Bitcoin’s price rose rapidly and holders took profits. However, the current trend tells a different story. Supply from long-term investors increased through most of 2025 and into 2026 as volatility continued and more coins entered dormant wallets.
While demand still determines the direction of the market, the growing number of long-term holders continues to strengthen Bitcoin’s supply floor and strengthen broader market resilience.
Supply is tightening as new whales remain trapped
While long-term holders continue to pull supply out of circulation, newer Bitcoin whales tell a different story.
At the time of writing, Bitcoin was trading around $64,200. This left the new whales (<155 days) below their average cost basis of $72,100. This means that the underwater whales would be forced to sell their coins once the cost base is exceeded, creating a supply overhead.
Additionally, according to Binance exchange flow data, supply becomes less available as holders move their coins to cold storage. Between May 29 and 6th of July, Binance reported eight consecutive shots to soften. As a result, wiThe declines reached their peak 5,200 BTC on the 15th June.
Intake by coin exchanges took place during this period, and the average daily net intake fell by approx -887 BTC.
Yet the broader picture remains unclear. Major wallet activity has increased, while key support zones continue to cluster below price. Binance investors are around $58,700, miners around $53,700 and long-term whales around $47,400.
Therefore, this turn of events leaves Bitcoin in limbo. Of tighter offer below and fixed new whale stock above It, makes the current Cost basis of $72,100 for these whales the largest barrier in front regaining his recovery.
Final summary
- Long-term Bitcoin holders continue to absorb the supply, but the $72.1K cost base for new whales remains a major hurdle.
- The outflow from BTC exchanges points to tighter supply, while captured new whales continue to limit upward momentum.