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Bitcoin long-term holders have increased their share of the market’s supply over the past month, according to on-chain data cited by CryptoQuant—an indication that coins are moving into holders that are less likely to sell soon.
CryptoQuant defines “long-term holders” (LTHs) as investors who have held BTC for more than 155 days. The firm’s data shows that the 30-day netflow for these long-term holders has been at notable positive levels recently, suggesting that tokens are “maturing” into this cohort.
More specifically, 303,500 BTC entered the long-term holder group over the past month.
In the second half of last year, LTHs were involved in net distribution, with their selloff intensifying as the price fell in the fourth quarter. The pattern began to change in January 2026, when holding behavior increased during the post–February crash consolidation phase.
As long-term holders accumulated, short-term holders (STHs)—buyers from the last five months—saw their supply decline over the same period.
CryptoQuant also reported that spot exchange-traded funds (ETFs) and Strategy absorbed part of the supply. Holdings rose by 16,800 coins for spot ETFs and 53,000 coins for Strategy.
Based on these trends, CryptoQuant said: “Bitcoin supply is moving into stronger hands.”
CryptoQuant head of research Julio Moreno said in an X post that the latest Bitcoin recovery rally is not being supported by spot demand. Moreno contrasted spot and futures demand using a chart, noting that spot demand changes have been mostly negative for the last few months and that the latest rally did not reverse that trend.
Moreno added: “The recent Bitcoin price increase is completely driven by demand in the perpetual futures market.”
He also warned that a similar pattern seen during the January rally did not last, and noted: “There are risks of a correction if traders start taking profits while spot demand continues to contract.”
At the time of writing, Bitcoin was trading around $77,600, up 4% over the past seven days.
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