Analysis: The allocation of Bitcoin long-term holders has risen to 281,900 coins, an increase of 61.5% compared to August 18

CryptoQuant analyst Axel Adler Jr stated that from August 18 to 28, the 30-day cumulative distribution of Bitcoin long-term holders (LTH) increased from 174,500 to 281,900, a rise of 61.5%, reaching the highest level since 2026 on August 28. This metric accelerated significantly during the rapid rebound after the short-term squeeze in Bitcoin, indicating that long-term holders are taking profits as prices rise.

Meanwhile, the LTH MVRV rose from 1.31 on August 18 to 1.64 on August 27, remaining at a level of 1.6 on August 31, which means that the market value of Bitcoin held by long-term holders is approximately 60% higher than their average realized value. This suggests that despite the increase in distribution activity, long-term holders still possess significant unrealized profits. Axel believes that the price rebound after the short-term squeeze has simultaneously elevated the profit levels of long-term holders and the speed of token distribution, creating conditions for further profit-taking. If Bitcoin prices remain stable, long-term holders may continue to release supply, adding extra selling pressure to the market. The current key issue for the market is whether the high-level distribution by long-term holders will continue and whether new buying can absorb this additional supply; otherwise, the market may face price pressure again.