Analyst: The supply of long-term Bitcoin holders is approaching historical peaks, and selling pressure remains low

CryptoQuant analyst Axel Adler Jr. stated that the supply of Bitcoin long-term holders (LTH) is currently 16.35 million BTC, which is only 58,000 BTC lower than the historical peak of 16.41 million BTC set on July 30, having increased by 1.38 million BTC in the past 90 days. Meanwhile, in the past 15 days, there were only 2 days when the LTH supply decreased, with the frequency of decline approaching the lowest level, indicating no significant selling pressure.

In terms of price, Bitcoin is currently around $64,200, with the LTH cost basis at about $49,400, corresponding to 1.3 times. It has been in a lower risk zone between the LTH cost basis and 1.5 times ($74,100) for 78 consecutive days. If it breaks through $74,100, it will enter a normal risk zone; if it falls below $49,400, the overall LTH will fall into a loss. The analyst pointed out that the current supply structure is constructive, but it cannot yet confirm that demand is strong enough to drive a new round of increases.