Analyst Axel Adler pointed out that bitcoin long-term holders (LTHs) are engaging in massive profit-taking, pushing supply back to its early 2023 lows.
The data show that supply to long-term holders has fallen sharply from a peak of 15.75 million bitcoins to the current 13.60 million, the lowest level since the start of the bull cycle, a pattern that Mr. Adler points out coincides with the "smart money" distribution phase that is common near the top of the market.
In just the last two weeks (Nov. 11-25), LTH has sold more than 800,000 bitcoins, down 5.54% to an average of 53,560 bitcoins per day. Historically, such a huge supply squeeze has usually only occurred during major market turning points.
Data: Long-term bitcoin holders have sold off sharply in the past two weeks, with an average of 53,560 coins sold per day
2025-11-27 02:38:35
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