Glassnode data show Bitcoin long-term holder supply falling by roughly 210,000 BTC over the past week to about 14.77 million BTC, the sharpest decline since late 2024. The move puts a sudden contraction in seasoned-holder supply at the center of Bitcoin’s latest on-chain signal, after the cohort had recently been holding close to 15 million BTC.
Glassnode defines long-term holder supply using an entity’s averaged purchasing date, with classification centered around 155 days. That means a drop in the metric signals coins leaving the long-term-holder bucket, not necessarily outright selling, since transfers, custody changes or renewed activity can also alter how supply is classified.
The scale of the weekly decline makes follow-through the key issue. If long-term holder supply keeps falling, the market will need to distinguish between sustained distribution and a temporary reshuffling of older coins; if the metric stabilizes, the episode may look more like a one-off migration. Persistence now matters more than the headline transfer size for assessing whether experienced holders are materially changing behavior.
Source: Glassnode.
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