The Bitcoin market has yet to reach the unsustainable euphoria typically observed at the peaks of previous BTC price bull runs.
Bitcoin’s (BTC) recent price rally above $100,000 has coincided with a sharp drop in the supply held by its long-term holders. This suggests that some of the market’s most seasoned Bitcoin investors are booking record profits as BTC price climbed toward the six-figure milestone.
The chart below shows entities that hold Bitcoin for more than 155 days as long-term holders (LTH). Their behavior can often reflect a shift in market sentiment.
As of Dec. 19, the supply held by Bitcoin’s LTH dropped to $13.31 billion compared to its local peak of around $14.23 billion two months ago, according to Glassnode data.
