Long-term holders (LTHs) have reduced their Bitcoin positions since late July 2026. Between July 30 and October 19, 2026, the supply held by this group decreased from 16.41 million BTC to 16.06 million BTC, a drop of approximately 345,000 BTC.
As of late October 2026, the 30-day change in LTH supply was -195,000 BTC. During this period, Bitcoin traded between $80,000 and $82,800, following earlier peaks in the $83,000 to $87,000 range. By the end of October, the price hovered around $80,300 to $80,500.
Analysts Axel Adler Jr. and Darkfost noted that the pace of outflows is slowing. In early October, LTHs reduced balances on 13 out of 15 days, while later in the month this frequency fell to 10 out of 15 days. Some days even saw a net increase in holdings.
Despite the recent reduction, LTH balances remain higher than in December 2025, when they stood at approximately 14 million BTC. Analysts compare current distribution patterns to historical cycles in 2013, 2017, and 2021, where supply declines often preceded rally phases.
