Bitcoin long-term holder supply hit a fresh all-time high on July 21, according to Coinglass data. The cohort held 16.64 million BTC, representing about 83% of circulating supply, worth roughly $1.07 trillion in June with bitcoin trading near $64,100. Cryptoquant CEO Ki Young Ju attributed the climb to Strategy and ETF buyers absorbing selling from large old-whale holders. Long-term holders are defined as wallets holding bitcoin for at least 155 days, based on Glassnode's methodology that treats coins surviving this threshold as statistically unlikely to be sold soon.
Long-Term Holder Supply Climbs from 14 Million to 16.64 Million BTC Since Early 2024
The current run has been building since early 2024. Long-term holder supply fluctuated between 14 million and 16 million BTC since the January 2024 launch of spot bitcoin exchange-traded funds, topping out near 16.4 million BTC before entering a roughly 2.5-year downtrend.
By May, the metric had broken out of that downtrend and climbed back to about 16.3 million BTC, adding more than 2 million coins during the broader bear market at a pace of roughly 200,000 BTC per month. By June, it had cleared its old high to reach the fresh record of 16.64 million BTC.
Strategy and ETF Buyers Absorb Old-Whale Selling Per Cryptoquant CEO
Cryptoquant CEO Ki Young Ju stated that "Strategy and ETF buyers absorbed large old-whale selling." Some of bitcoin's earliest, largest holders have been distributing coins even as new long-term buyers—corporate treasuries like Strategy and spot ETF vehicles among them—step in to absorb that supply and hold it for the long run.
Bitcoin.com News tracked a similar pattern building since mid-February, when long-term holders returned to accumulation mode and Binance data pointed to tightening supply conditions consistent with the early stages of a new market cycle.
Large Whale Wallets Add BTC While Mid-Tier Holders Sell
Wallet-size data showed large whale wallets added tens of thousands of BTC in recent months even as mid-tier holders sold. This redistribution further concentrates supply among wallets less likely to sell into short-term price swings.
The behavior lines up with a pattern long-term holders have shown in past cycles. Coins held for more than 155 days tend to get accumulated during price weakness and distributed during price strength. Similar buildups occurred during the 2015 and 2019 bear markets, both of which preceded periods of renewed price strength once demand returned.
The practical effect of rising long-term holder supply is a shrinking liquid float. As more BTC gets locked away by holders with no near-term intention to sell, the amount available for active trading on exchanges declines.
Analysts caution the metric shouldn't be read in isolation, since accumulation alone doesn't guarantee a price reaction without a corresponding demand catalyst. Crypto staking platform Everstake noted that "the price may move up and down, but the network keeps improving," a reminder that supply-side metrics track investor behavior and network health rather than predicting near-term price direction on their own.
FAQ
What did Bitcoin long-term holder supply reach on July 21?
Bitcoin long-term holder supply hit a fresh all-time high on July 21, reaching 16.64 million BTC (about 83% of circulating supply), worth roughly $1.07 trillion in June, according to Coinglass data.
Why did Bitcoin long-term holder supply increase since early 2024?
Cryptoquant CEO Ki Young Ju stated that Strategy and ETF buyers absorbed large old-whale selling. The metric added more than 2 million coins during the broader bear market at a pace of roughly 200,000 BTC per month, climbing from fluctuations between 14 million and 16 million BTC to the record 16.64 million BTC by June.
How does the 155-day holding threshold define long-term holders?
Long-term holders are wallets that have held bitcoin for at least 155 days, based on Glassnode's methodology. Coins surviving this threshold without moving are treated as statistically unlikely to be sold soon, making the metric a proxy for conviction among bitcoin's existing owners.
