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BTC Long-term Bitcoin holders have accumulated approximately 371,000 BTC in the past 30 days, and the total supply has reached a record high of 16.34 million.
According to the latest on-chain analysis by Axel Adler Jr., long-term Bitcoin holders have increased their holdings of approximately 371,000 BTC in the past 30 days, bringing the total supply held by this group to a record high of 16.34 million. This trend has continued since mid-January.
Long-term accumulation strengthens
In the past month, the amount of Bitcoin held by long-term investors has increased by 2.32%, pushing the supply of long-term holders (LTH) to an all-time high. LTH supply has maintained positive growth for 186 consecutive days. During this period, the price of Bitcoin slipped from $65,700 to $63,800, while the one-year trend showed a larger correction, with the price falling from $118,600 to $63,800.
Axel Adler Jr. said accumulated bitcoins are being transferred from short-term traders to determined long-term holders. He believes that this shift has effectively reduced the amount of bitcoins that are freely traded on the market.
Adler pointed out that although the increase in LTH supply suggests continued accumulation, it has not been enough to trigger a price rebound because overall demand remains weak.
Coin Day Destruction and Market Dynamics
This report analyzes the indicator of Coin Day Destruction (CDD), which tracks spending activity in old wallets. In the past 30 days, the CDD record was 313 million RMB days. This level is much lower than the annual average of 450 million yuan days, and is also significantly lower than the 899 million yuan days in the same period last year.
Although CDD has risen 63% from its March low and is up 21% month-on-month, Adler said the data did not yet indicate substantial selling pressure on long-term holders. He pointed out that only if the CDD continues to be higher than the annual average can it show that the activity of the old currency is picking up.
Small Dictionary: Coin-Day Destruction (CDD) is a bitcoin-specific indicator that measures economic activity by multiplying the amount of BTC transferred by the number of days since the last transfer of these coins, thereby revealing the spending behavior of long-term holders.
Supply tightens but demand lags
Although accumulation continues, price momentum remains sluggish. Adler observes that historically, in similar cycles, long-term holders have quietly accumulated bitcoins as prices consolidate or fall. These periods usually end only when new buyers, including retail investors and institutions, enter the market or when macroeconomic factors improve.
Adler believes that while reduced selling can limit available supply, it does not by itself create enough buying pressure to push prices higher. The current market lacks the demand needed to translate supply reductions into sustainable price increases.
Long-term holders continue to remove Bitcoin from circulation, but unless demand rises or prices return to stability, their accumulated supply serves more as a safety net for the market than a catalyst for short-term gains.
Open interest in bitcoin futures on major centralized exchanges remains well below the all-time highs at the market peak in 2025. This suggests that traders have not yet returned to seeking risk or leverage on a large scale, and market activity remains sluggish as a result.
Current value/annual average value/same period last year:
LTH supply: 16.34 million BTC / N/A / N/A
Bitcoin price: US$63,800/ N/A / 118,600
CDD (30 days): 313 million RMB days/450 million RMB days/899 million RMB days
