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Long-term holders now control 79% of the circulating $BTC supply, according to data cited by Bitcoin Magazine, a concentration that one analyst interprets as a signal that the current bear market may be approaching exhaustion.
The metric tracks coins that have remained unmoved long enough to qualify their owners as long-term holders under standard on-chain accounting — a cohort that typically accumulated during earlier, cheaper phases of a cycle.
What the On-Chain Data Actually Shows The 79% figure represents a supply squeeze of sorts: coins held by patient, conviction-driven owners are effectively off the market.
When long-term holder concentration rises this sharply, the float available to active traders compresses.
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