Bitcoin LTH Selling Slows as Demand Absorbs Supply
Bitcoin long-term holders (LTHs) have reduced their holdings for seven consecutive weeks, extending the five-week selling trend reported earlier. The 30-day selling pace initially slowed from 105,900 BTC on 30 August to 21,700 BTC on 20 September, while LTHs sold about 47,800 BTC in the latest week of the earlier report.
By 28 September, LTH holdings had declined by roughly 73,400 BTC, compared with 1,100 BTC the previous week. The reduction remains well below the approximately 1.07 million BTC sell-off recorded in November 2025. Bitcoin has continued to rise, suggesting new demand is absorbing the additional supply.
Bitcoin LTH SOPR later stayed above 1 for two weeks, indicating profit-taking rather than loss-driven selling. It reached 1.24 on 21 September before easing to 1.18 on 28 September, implying an average realised profit of about 18% on transferred BTC. For Bitcoin traders, the trend points to gradual distribution rather than an immediate supply shock. A sharp increase in LTH selling, renewed loss-taking, or a failure of Bitcoin to advance would signal weakening market absorption and raise bearish risk.
Neutral
The immediate price impact on Bitcoin is neutral. Long-term holders have continued to distribute coins, which creates a potential source of selling pressure. However, the pace of distribution has slowed sharply from the earlier peak, and the latest reduction remains far below the approximately 1.07 million BTC sell-off seen in November 2025.
Bitcoin’s ability to keep rising indicates that new demand is currently absorbing LTH supply. The LTH SOPR remaining above 1 also points to orderly profit-taking rather than panic selling, which reduces the likelihood of an immediate market shock. In the short term, this may keep Bitcoin supported but could limit upside if distributions continue.
Over the longer term, traders should monitor LTH holding changes, SOPR and price momentum together. A renewed wave of selling worth several hundred thousand BTC, SOPR falling below 1, or a failure of Bitcoin to advance despite continued distribution would suggest weakening demand absorption and could turn the outlook bearish. Conversely, a return to accumulation would improve market sentiment.