Bitcoin's long-term holders now control 16.3M BTC—nearing pre-ETF levels
Bitcoin’s long-term holder supply has climbed to roughly 16.3 million BTC, nearing levels last seen in January 2024. This increase signals a shift in investor behaviour, with more holders choosing to accumulate rather than sell their assets over recent months. The supply held by long-term Bitcoin investors has grown steadily. In the past month alone, it expanded by around 200,000 BTC. This rise follows a broader trend: since October 2025, these holders have added over 2 million BTC to their combined balances.
The current supply now matches figures recorded before the introduction of Bitcoin exchange-traded funds (ETFs). Back in January 2024, long-term holders began reducing their holdings, cutting supply by roughly 2 million BTC. However, the recent reversal of a two-and-a-half-year downtrend suggests a clear change in strategy—from net sellers to net buyers. As more Bitcoin is locked away by long-term holders, the amount available for trading shrinks. This tightening of the freely tradable float could impact market liquidity and price dynamics in the coming months.
The return to pre-ETF supply levels reflects renewed confidence among long-term Bitcoin holders. With 16.3 million BTC now held for the long term, the market’s tradable supply continues to contract. This accumulation trend may influence Bitcoin’s availability and volatility moving forward.
