Long-term holder supply of Bitcoin has reached a record 16.83 million BTC, according to data from Bitbo. This figure represents the highest level recorded for coins that have remained unmoved for at least 155 days.
The increase in long-term holder supply suggests that more Bitcoin is being retained rather than returned to the liquid market, limiting the amount available for trading. Bitcoin was trading near $65,400, up by approximately 1% on the daily candle, following a rejection near $67,270, where the 0.236 Fibonacci retracement has been a barrier to recovery.
The record holder supply indicates a tighter supply backdrop for Bitcoin, though it does not confirm that new demand has emerged. An increase in long-term holder supply occurs when coins remain inactive for 155 days or more, placing them in a category generally viewed as less likely to sell during market fluctuations.
This record demonstrates that a growing share of Bitcoin is being held rather than frequently traded, which can reduce liquidity in the market. However, the increase does not necessarily reflect new purchases, as some coins simply enter this category due to aging past the 155-day mark.
The metric serves as evidence of retention rather than a direct measure of accumulation. The recent volatility in Bitcoin’s price has not driven many holders to sell, suggesting a potential for price movement should demand strengthen in the future.
Bitcoin still needs to reclaim the $67,270 level, which represents a significant barrier to a stronger recovery. The recent test of this Fibonacci retracement level ended in rejection, indicating that the daily price structure remains incomplete.
As it stands, if Bitcoin can surpass the $67,270 threshold, it may pave the way for a more robust rebound, depending on market conditions and demand.
