BTC long-term holders' net holdings reach new all-time high

ChainCatcher report: On-chain analyst Murphy posted that long-term holders (LTHs) have set a new all-time high in net holdings. As of June 17, LTH net holdings reached 14.96 million BTC, an increase of 20,000 BTC compared to the previous high on March 27. This marks the second time since Bitcoin entered the bear market that LTH net holdings have reached a new peak. An increasing amount of BTC is no longer participating in short-term trading and turnover, with 75% of the total circulating supply now held by LTHs. Murphy believes that historically, the bottom of each bear market typically occurs after LTH net holdings begin to rise—that is, “holding recovery” precedes “market bottom formation.” In the previous cycle, LTH net holdings hit three new highs, each corresponding to a strong distribution phase: during the Fed’s signaling of rate hikes, the Luna collapse, and the FTX bankruptcy. This cycle marks the second such peak. He argues that what matters is not how many times the peak occurs, but whether the scale of prior LTH distributions has shown a clear downward trend. If this distribution phase is smaller than the previous one, it suggests selling pressure is gradually fading, indicating that the true bear market bottom may have already arrived—or is very near.