Long-term bitcoin holders (LTHs) have shifted back into net accumulation for the first time since July, marking a notable change after months of heavy selling.

LTHs — defined as wallets holding bitcoin (BTC $87,768.09) for at least 155 days — accumulated approximately 33,000 BTC on a 30-day net basis, according to onchain analytics firm checkonchain. This group had been a major source of selling pressure this year, alongside miners, who often liquidate bitcoin when mining at a loss.

The recent accumulation suggests that buyers from the past six months are transitioning into long-term holders, now outpacing distribution. During the 36% correction in October, LTHs sold over 1 million BTC, the largest sell-off from this cohort since 2019 — a year that ended with bitcoin near its bear market low of $3,200.

October’s sell-off was the third significant LTH distribution event of the current cycle. The first occurred in March 2024, when bitcoin reached $73,000 and over 700,000 BTC were sold, followed by a second in November 2024, when more than 750,000 BTC were distributed as bitcoin peaked at $100,000.