Bitcoin Long-term Holders Add 371,000 BTC Despite Price Weakness

Bitcoin long-term holders accumulated approximately 371,000 BTC over the past 30 days, pushing total long-term holder (LTH) supply to a record 16.34 million BTC, according to the latest on-chain report from Axel Adler Jr.

The report shows LTH supply increased 2.32% over the past month and has remained in positive territory for 186 consecutive days since mid-January. During that period, Bitcoin’s price fell from $65,700 to $63,800. On a yearly basis, the cryptocurrency has dropped from $118,600 to $63,800 despite continued accumulation.

Long-term holders accumulated 371,000 BTC in 30 days.

LTH supply reached an all-time high of 16.34 million BTC.

Supply is scarce. Demand is still absent.
What does this mean for the market?

Full breakdown in Morning Brief #215 👇

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) July 17, 2026

Adler said the trend shows coins moving from short-term investors to long-term holders, reducing the amount of Bitcoin available for trading. However, he argued that shrinking supply alone has not been enough to lift prices because demand remains weak.

Older Bitcoin holders continue to sit tight

The report also examined Coin Days Destroyed (CDD), a metric used to measure spending activity among older Bitcoin holdings. The 30-day CDD currently stands at 313 million coin days, well below the annual average of 450 million and significantly lower than the 899 million recorded a year ago.

Although CDD has risen 63% from its March low and 21% over the past month, Adler said the increase does not yet point to meaningful selling by long-term holders. A sustained move above the annual average would be needed to suggest that older coins are returning to the market.

For now, the data indicates that long-term holders are largely keeping their Bitcoin off the market despite recent price declines.

Can scarcity alone drive Bitcoin rallies?

Bitcoin has experienced similar periods in previous market cycles where long-term holders steadily accumulated while prices remained under pressure. Those phases typically ended only after fresh capital entered the market through new retail participation, institutional demand, or stronger macroeconomic conditions. In other words, reduced selling can tighten available supply, but it does not create buyers.

Long-term holders continue removing Bitcoin from circulation, yet price momentum remains weak because buying interest has not kept pace. Unless demand improves or prices stabilize enough to attract new market participants, the growing supply held by long-term investors may continue to act as a supportive backdrop rather than an immediate catalyst for higher prices.

Meanwhile, Bitcoin open interest across major centralized exchanges remains well below the record levels seen during the market’s 2025 peak, suggesting traders have yet to return to aggressive leveraged positions.