Bitcoin’s Long-Term Holder Supply Decline Signals Potential market Top
Bitcoin’s long-term holder (LTH) supply has shown a slight decline, which could indicate a market top, according to Glassnode. In a recent X post, the analytics firm reported that LTH supply, which includes wallets holding Bitcoin for at least 155 days, peaked at 14.29 million BTC.However, this figure has dropped for the second time this month.
LTH spending has also increased to 0.43, a level that historically precedes local price tops. This trend is worth monitoring closely, as it can quickly escalate.
WhaleWire analyst Jacob King agrees, arguing that Bitcoin is forming a double top, a pattern signaling the end of major bull cycles. King believes insider manipulation and Tether inflows are artificially sustaining the rally, not natural demand. He warns of an impending crash and overvaluation.
Despite these warnings, Bitcoin has seen a important rebound, rising from $94,000 to $105,747 in May. Institutional players like Strategy and Japan’s Metaplanet have been driving this growth. Strategy added $1.34 billion worth of BTC, while Metaplanet increased its holdings by 1,241 BTC.
Bitcoin spot ETFs have also attracted $1.94 billion in net inflows over the past month. Although a short-term pullback is possible if retail sentiment weakens,institutions are still buying. Santiment data shows that institutions hold around 68% of the total supply, wiht little sign of selling.This suggests that Bitcoin might find support and continue growing after profit-taking subsides.
