CryptoQuant analyst Axel Adler Jr. said Bitcoin supply held by long-term holders is leaving at a much slower pace than it was in late August. As of Sept. 20, the 30-day change in long-term holder supply showed a decline of 21,700 BTC, narrowing sharply from the 105,900 BTC drop recorded on Aug. 30. The shift suggests that distribution pressure from long-term holders has eased.
Over the same period, Bitcoin rose 5.6% over one week to $81,200. Even so, the Long-Term Holder Spent Output Profit Ratio, or LTH-SOPR, fell from 1.096 to 0.994. That reading indicates that the Bitcoin moved during the period was, on average, transferred at a slight loss rather than at a profit.
Adler added an important caveat: a decline in supply does not automatically mean coins were sold. It only shows that the relevant Bitcoin moved on-chain. The distinction matters because supply changes can reflect transfers between wallets or other forms of movement, not just spot market selling.
CryptoQuant analyst Axel Adler Jr. said on Sept. 21 that Bitcoin supply held by long-term holders has been leaving at a much slower pace than it was in late August.
As of Sept. 20, the 30-day change in long-term holder supply showed a decline of 21,700 BTC, a sharp narrowing from the 105,900 BTC drop seen on Aug. 30. He said the change points to easing outflow pressure from long-term holders.
During the same period, Bitcoin rose 5.6% over one week to $81,200. At the same time, Long-Term Holder Spent Output Profit Ratio, or LTH-SOPR, fell from 1.096 to 0.994, indicating that the Bitcoin moved in that window was, on average, transferred at a slight loss.
Adler also said a decline in supply only means the relevant Bitcoin moved, and does not necessarily indicate actual selling.
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