Analysis: Bitcoin Long-Term Holders have cumulatively sold approximately 2.57 million BTC since July, yet the price remains strong, indicating robust demand

2025.11.11 10:56:33

On November 11th, Analyst Murphy stated in a post that by comparing the price distribution chart of Bitcoin's long-term holders, it can be observed that: from July 7th, 2025, to the present day, the total BTC held by long-term holders (LTH) has decreased by 363,000 coins. However, in actuality, their total distribution scale is significantly larger than this number. Due to the continuous inflow of new BTC, which after being held for a certain period becomes long-term chips, the decrease in old coins is numerically offset, resulting in the net reduction data not appearing to be so extreme. But according to our statistics, 「During this period, LTH has actually distributed a total of 2.57 million BTC, which means that 13% of the chip supply has been sold off in just 4 months.」 In terms of Bitcoin's price, since July 7th, 2025, to now, there has only been a $2,000 difference. Despite the market facing significant selling pressure, the price has not been driven down, indicating that the demand side corresponding to the oversupply is equally strong. Therefore, Murphy believes that the current market is still in a bull market phase rather than the beginning of a bearish reversal.

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