Bitcoin’s long-term holder stash drops to 8-month lows: BTC price to $68K?
Bitcoin long-term holders (LTHs)—those holding BTC for at least 155 days—cut their holdings to 14.3 million BTC in December, down from 14.8 million BTC in July, reducing their share of the total supply to 71.92%, the lowest since April. This reduction in LTH supply is associated with increased selling as prices decline, echoing historical behavior during major market peaks. In the last 30 days, LTH supply dropped by 761,000 BTC, with a record 1.1 million BTC reduction as of late November, suggesting capitulation amid fears of further price falls. Large investors (“whales”) also sold $2.78 billion in BTC in the past month, intensifying downward pressure. Bitcoin’s technical indicators are bearish, with price dropping below the 50-week moving average and key support levels. If current support fails, Bitcoin risks a further decline toward $68,500, a 20% drop from current prices, with potential support at $83,800, $81,200, and $80,000. Short-term outlook remains negative as key moving averages slant downward and market momentum favors bears.
