Bitcoin long-term holders (LTHs) have reduced their collective supply to 14.1 million BTC, representing about 72% of the circulating supply—levels not seen since April.

This reduction comes amid increasing market volatility and follows a period when LTHs had boosted their share to 76% in July, which corresponded with a major price rally.

Long-term holders trim supply

Entities holding bitcoin for at least 155 days have been decreasing their positions, with data showing a 1.1 million BTC drop over a 30-day period ending Nov. 26—the second-largest decline on record.

As of Monday, LTH supply had fallen by 761,000 BTC in the past month, suggesting capitulation as price uncertainty grows.

These trends are consistent with historical cycles, where LTH supply contracts during retail-driven peaks and major market sell-offs.

For those tracking these metrics, the long-term holder supply chart provides ongoing updates and historical context.

Whale selling adds to pressure

Major bitcoin holders, or whales, have reportedly sold $2.78 billion in BTC over the last 30 days, further contributing to the downward price pressure.

This selling spree has coincided with LTHs reducing their exposure, amplifying market fear and volatility.

Key technical levels in focus

Bitcoin lost critical support at the 50-week moving average and the yearly open at $93,300 and technical analysts note that the BTC/USD pair confirmed a bearish flag pattern when it fell below $92,000.

Analyst Nic commented on Tuesday:

“BTC broke down again, confirming the bearish flag.”

He added that if the $85,500 level does not hold, on-chain levels at $83,800 (ETF cost basis) and $81,200 (true market mean) come into play before the psychologically significant $80,000 mark.

For more insights into the supply dynamics of long-term bitcoin holders, visit the long-term holder supply chart.