Bitcoin long-term holder supply hits 8-month low

Bitcoin long-term holder supply has dropped to 14.34 million BTC, the lowest level since May. This marks the third wave of long-term holder sell-offs in this cycle, with previous sell-offs occurring after ETF approval and when Bitcoin surged to $100,000 following the victory of U.S. President Trump. Unlike previous bull markets where there was only a single phase of selling, this cycle has seen multiple waves of long-term holder sell-offs that have been absorbed by the market.