Bitcoin LTH Supply Rises 254,000 BTC, Selling Pressure Looms at $99,900
1min read Bitcoin long-term holders, or lths, are investors who have held onto their Bitcoin for more than 155 days. These investors are considered more resolute than short-term holders (STHs) due to their longer holding periods. According to a report by Glassnode, the LTH supply has increased by 254,000 BTC over the past two months, indicating that some STHs have matured into LTHs.
Despite the significant profits that LTHs are currently holding, they have not shown signs of selling. However, historical data suggests that LTHs tend to increase their selling pressure when they hold an unrealized profit margin of +350%. Based on their current cost basis, LTHs are expected to reach this profit threshold when Bitcoin hits the $99,900 mark. If Bitcoin's recovery run continues to this level, it is possible that the cryptocurrency may face selling pressure from LTHs.
At the time of writing, Bitcoin is trading around $96,500, up around 4% in the last seven days. The continued uptrend in the LTH supply implies that these HODLers have not yet decided to sell, but if Bitcoin's price continues to rise, it may reach a level where LTHs become enticed to sell, potentially causing some trouble for the cryptocurrency's price.
