Bitcoin’s price looked poised for another round of pain this weekend after falling below the psychological level of $75,000 on Saturday morning. However, the major cryptocurrency has recovered somewhat and is looking to reclaim $77,000 at the time of writing. At the same time, an increase in supply from Bitcoin’s long-term investors was also observed that day, although the signal may not be what it seems.
This is why BTC LTH supply data is skewed
In a recent post on the X platform, pseudonymous analyst Darkfost said revealed a surge in Bitcoin supply in the hands of long-term holders (LTH) in recent days. However, this supposed increase in LTH activity may not be as relevant to BTC growth as the data normally suggests.
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Highlighting data from CryptoQuant, Darkfost said the supply from long-term holders increased from 15 million to 15.8 million BTC over the past two days. The on-chain analyst noted that this metric is one of several data points affected by Coinbase’s move of approximately 800,000 BTC in November 2025.
Between November 22 and 23, the US-based crypto exchange shuffled 800,000 BTC (worth nearly $70 billion at the time) between its internal wallets. As Darkfost mentioned, this maintenance transfer destroyed old LTH UTXOs (unspent transaction outputs) and created new but skewed Bitcoin data sets.
The crypto analyst wrote on X:
As a result, datasets across multiple platforms integrated this movement, impacting UTXO-based metrics, age and value cohorts, STH/LTH cost basis, realized value, volumes, and more.
Saturday, May 23, marked six months since the Bitcoin transfer, with the moved BTC now fully transferred from the short-term holder (STH) stock to the long-term holder supply.
Typically, an increase in LTH supply indicates increased accumulation and growing conviction among the most seasoned crypto investors. However, market participants could be cautious in making decisions based on this on-chain signal as it truly reflects an increase in investor demand.
What’s Next for the Bitcoin Price?
In a separate post on the X platform, Darkfost identified the next major resistance level for the Bitcoin price. The analyst highlighted the STH cost basis and said that this resistance is currently just above $80,000.
According to Darkfost, short-term investors appear to be opting to cut their losses rather than lock in for a reversal, as evidenced by the resistance the Bitcoin price is facing based on their average cost. Therefore, the leading cryptocurrency needs a sustained break above the $80,000 ceiling to continue its recovery trajectory.
At the time of writing, BTC is valued at approximately $76,490, reflecting a 1% price increase over the past 24 hours.
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Featured image from iStock, chart from TradingView