Bitcoin: Are Long-Term Holders Jumping Ship or Just Taking a Break?

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Ah, Bitcoin! That digital currency that makes you feel like an investment genius one day and a complete fool the next. It seems our long-term holder friends, those who’ve clutched their BTC since the days of yore-specifically, at least 155 days ago-are feeling a bit skittish. Their holdings have plummeted to levels not seen since April, which, as we all remember, was quite the rollercoaster of a month. 🎢

Key takeaways:

  • Long-term holders have trimmed their supply to a mere 72%, marking the lowest level since April. Talk about a spring cleaning!

  • BTC’s price is now flirting dangerously with a potential dip to $68,500 if it can’t find its footing. It’s like watching a tightrope walker with a bad case of vertigo.

Bitcoin’s Long-Term Holder Supply Falls Back to April Levels

So, what’s the scoop? Well, according to our friends over at Glassnode, long-term holders (affectionately known as LTHs) have slashed their stash from 14.8 million BTC in mid-July to a paltry 14.3 million this December. That’s a drop that would make even the most hardened investor weep into their digital wallets.

This has nudged their share of the market down to 71.92%-the lowest since last spring, as evidenced by the chart below. Just envision all those sad little Bitcoins wondering why they’ve been abandoned.

Remember April? Ah yes, the month Bitcoin decided to take a nosedive from its all-time high of $109,000 back in January, eventually scraping along the bottom at $74,000. It was a time when LTHs eagerly scooped up coins like they were rare Pokémon cards, boosting their supply to 76% in July. This move led to a jaw-dropping 65% rally, propelling Bitcoin to highs of $123,000. A real Cinderella story, if only for a moment!

But let’s not get too carried away. Historically, the LTH supply tends to take a dive during those exhilarating retail-driven phases and the ensuing sell-offs at cycle peaks, much like the wild years of 2017 and 2021. Ah, memories!

Now, looking at the data from CryptoQuant, it appears LTHs have been on a bit of an exodus. Just last month, they jettisoned a whopping 1.1 million BTC-a staggering amount, second only to a previous record. If that doesn’t raise an eyebrow, I don’t know what will!

As of Monday, another 761,000 coins had vanished over the past 30 days, suggesting that these investors might be capitulating faster than you can say “bear market,” all thanks to fears of more price plummeting. 🐻

And speaking of selling pressure, our whale friends have offloaded a staggering $2.78 billion in BTC recently. Who knew marine life had such an impact on cryptocurrency markets?

Can BTC Price Avoid a Trip Below $70,000?

As for Bitcoin’s technical structure, it’s looking a bit wobbly after losing support from its 50-week moving average. It’s like watching a toddler trying to walk without holding onto anything. The BTC/USD pair has also confirmed a bear flag, having dipped below the $92,000 mark. Ouch!

The first area to keep an eye on lies between the local low of $83,800 (reached on December 1) and the multimonth low of $80,500, which is starting to feel like an ominous pit stop on this rollercoaster ride.

Should this support zone crumble, brace yourself for a deeper correction, potentially sinking down to the $68,500 target, supported by the 200-week moving average. That would indicate a 20% drop from current prices-just when you thought things couldn’t get worse!

“BTC broke down again, confirming the bearish flag,” remarked analyst Nic in a candid post on X (formerly Twitter). Apparently, the next potential support is lurking around the 100-week EMA at $85,500. If that goes, we might just see some key on-chain levels like $83.8K (ETF cost basis) and $81.2K (true market mean) before the dreaded $80,000 appears on the horizon.

As if that wasn’t enough to stir your investment anxieties, CryptoMoon reports that the 20-day EMA has started to turn downward while the RSI flirts in negative territory. Bears are back in town, and they’re not taking prisoners! 🐻💼

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2025-12-16 14:33