Analyst: Bitcoin long-term holders cut holdings for 7th straight week, market absorbs supply
- —LTH supply change hit -73,400 BTC on Sept. 28, versus -1,100 BTC a week earlier
- —LTH SOPR rose to 1.24, the highest since January; it stood at 1.18 on Sept. 28
- —Current selling pressure is far below November's -1.07 million BTC
- —Risk: if distribution expands to hundreds of thousands of BTC while price stalls, the market may fail to absorb supply
Why it matters: As long as demand keeps absorbing LTH selling, BTC's uptrend can continue, but faster distribution into a price reversal would be a bearish signal.
Source: Bloomingbit
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