"Bitcoin long-term holders' supply hit a cyclical low last month… signs of easing spot selling pressure"

Bitcoin (BTC) rebounded to the $90,000 level after a correction in the $80,000 range, and an analysis said that long-term holders' (LTH) holdings reached a cyclical low last month, indicating easing spot selling pressure.

On the 8th (local time), CoinDesk, citing on-chain analytics firm Glassnode, reported, "Long-term holders' supply fell to 14,330,000 BTC on the 21st of last month, the lowest level since March this year," and "this coincides with the day Bitcoin formed a bottom around $80,000." Bitcoin has since rebounded about 15% and is trading around $90,000.

The decline in LTH holdings is interpreted as a sign that spot selling flows have partly been cleaned up. Bitcoin remained range-bound since the start of the year, and the distribution by long-term holders at that time is analyzed to have affected price movements. Since summer, LTH holdings have steadily declined, from 14,769,512 BTC in July to 14,330,128 BTC in November.

Glassnode explained that this trend has coincided with market turning points in past cycles. Last April's low coincided with a period when distribution increased immediately after Bitcoin reached an all-time high of $73,000, and this March's low appeared during a correction triggered by concerns over President Trump's tariff policy. Bitcoin then found a bottom around $76,000 in April.

In the past, when retail demand peaked, long-term holders often executed large-scale sales, leading to a sharp increase in supply; this cycle, however, is characterized by a clear pattern of selling and accumulation repeating gradually without an overheating phase.

The outlet said, "It appears that the traditional four-year cycle pattern has also weakened due to changes in long-term holders' behavior."