Bitcoin’s long-term holder (LTH) supply is approaching record levels, signaling renewed accumulation among investors who have held Bitcoin for at least 155 days.

Current holdings in this cohort stand at roughly 16.3 million BTC, up from about 14.12 million BTC near the time Bitcoin peaked above $126,000 in October. Over the past month alone, long-term holders have added around 200,000 BTC, reflecting continued accumulation momentum.

The only time LTH supply was higher came in January 2024, when it reached approximately 16.4 million BTC ahead of the U.S. spot Bitcoin ETF launch—an event widely viewed as a major structural shift for the market. In the months following that launch, long-term holders distributed nearly 2 million BTC as prices climbed.

Historically, LTH supply follows a cyclical pattern: accumulation during bear markets and distribution during strong bull runs. Similar dynamics were observed during the 2015 and 2019 downturns, when experienced holders increased exposure as prices weakened.

Since early 2024, LTH supply has mostly fluctuated between 14 million and 16 million BTC. More recently, however, the data indicates a potential shift, with supply breaking out of a multi-year downtrend that has persisted for roughly 2.5 years.

This development suggests that long-term holders of Bitcoin may once again be in accumulation mode, adding positions at current levels rather than distributing into strength, even amid ongoing uncertainty in broader market conditions.