Bitcoin Long-Term Holder Supply Hits 8-Month Low Amid Third Sell Wave

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Bitcoin analysis shows long-term holder (LTH) supply has dropped to an eight-month low of 14,342,207 BTC, matching levels from May 2025. Bitcoin news reports this decline aligns with a nearly 40% drop from its October peak. The third LTH sell wave since early 2023 contrasts with past bull cycles, which usually followed a single boom and bust. Checkonchain’s Alec notes the market has absorbed this third wave well, with no clear blow-off top yet.
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