A surge in bitcoin movement by long-term holders (LTHs) has been recorded, with approximately 183,000 BTC sold over the past 30 days.
This includes a notable single-day outflow of roughly 8,000 BTC, marking the largest one-day move by LTHs since early 2025, according to CryptoQuant and Glassnode data.
Illiquid supply at all-time highs
While older wallets distributed a significant amount of bitcoin, the illiquid supply—coins rarely moved or spent—reached an unprecedented 14.3 million BTC in late August.
This suggests that even as some LTHs exited positions, a substantial amount of bitcoin remains in the hands of holders with little history of selling.
ETF inflows absorb selling pressure
U.S. spot bitcoin ETFs posted robust inflows on September 10, drawing in approximately $757 million, as tracked by ETF flows data.
This upturn in primary-market demand coincided with the wave of LTH distribution, providing a key test of market absorption as new buyers stepped in.
The durability of these inflows, tracked by issuers such as IBIT and FBTC, will be crucial for market stability.
Interpreting the data
LTH Net Position Change, which measures the 30-day change in supply held by long-term holders, registered a negative reading over the past month, signaling net distribution.
CryptoQuant’s daily LTH ‘spent’ metric confirmed the early September spike.
Both datasets define long-term holders as those holding for over 155 days.
Analysts note that in previous bull cycles, LTH distribution often occurred near local price peaks and was typically absorbed by incoming demand. As Glassnode’s research highlights:
“Spikes in LTH spending are often clustered near local highs, then fade as new hands absorb inventory.”
