Long Term Holder Supply

Long-Term Holder Supply = the total amount of bitcoin (in BTC) that has not moved for more than 155 days. The 155-day boundary follows Glassnode's statistical work on UTXO spend probability — past roughly that age, a coin's odds of being spent drop sharply, and it most likely belongs to the buy-and-hold cohort. This site already covers that cohort's unrealized gains (LTH-MVRV) and selling behavior (LTH-SOPR); this page adds the most fundamental piece: how much inventory those hands actually control.

The stock dimension answers a question ratio metrics cannot. Rising LTH supply means coins keep migrating from the trading float into deep storage — every coin that survives 155 days is liquidity withdrawn from the market's floating supply. Falling LTH supply admits only one explanation: old coins moved — the hodler cohort is releasing inventory toward the market or exchanges. The scale of accumulation versus distribution reads directly off this curve, denominated in coins, no conversion needed.

LTH supply classically runs out of phase with price. It climbs through bears and accumulation phases (coins bought near the prior top gradually 'graduate' into the cohort at 155 days, and nobody sells at a loss), often printing all-time highs deep in bear markets. It declines through bull impulse phases (veterans distribute to new buyers), then resumes climbing after the top. Note the graduation mechanism builds in a ~5-month lag: today's cohort entries reflect purchases made 155 days ago. Within this site's window, LTH supply has held above roughly four-fifths of circulating supply with a rising long-term trend.

Three. Provider definitions differ — Glassnode applies entity adjustment with a smoothing band around 155 days, while bitcoin-data.com and others use raw UTXO age — so absolute levels are not comparable across sites. Lost coins (destroyed keys) sit in the LTH bucket forever, inflating the stock irreversibly. And this site's data is a rolling ~4-year window from bitcoin-data.com; occasional zero-value glitches on isolated days are collection artifacts, not on-chain facts. Read this page alongside LTH Net Position Change (the derived flow view) and STH Supply (the complementary half).

Alongside holder behavior, watch short-term leverage via BTC liquidations and funding rates.