Analysis: Long-term holders of Bitcoin have cumulatively sold approximately 2.57 million BTC, and the strong price indicates robust demand

Analyst Murphy posted that by comparing the price distribution chart of Bitcoin long-term holders, it can be observed that the total BTC held by long-term holders (LTH) has decreased by 363,000 coins. However, in reality, their total distribution scale is much larger than this number. As new BTC continuously bought becomes long-term holdings after being held for a period, it numerically offsets the decrease of old coins, making the net reduction data appear less extreme.

According to our statistics, LTH actually distributed a total of 2.57 million BTC during this period, which means that 13% of the total circulating supply was sold in just 4 months. However, in terms of BTC's price, there is only a mere $2,000 difference between July 7, 2025, and now. The market has faced significant selling pressure from new entrants, yet the price has not been crushed, indicating that the demand side corresponding to the excess supply is equally strong. Therefore, Murphy believes that the current market is still in a bull market, rather than the beginning of a bear market.