79% of Bitcoin's Supply Is Now Locked Up by Long-Term Holders — Here's Why Analysts Think the Bear Market Is Running Out of Steam

WHY IT MATTERS

Think of Bitcoin's supply like concert tickets. If 79% of all tickets are held by superfans who refuse to resell no matter what, there are very few tickets left for everyone else. That scarcity means that when new buyers show up, prices can rise quickly because there just isn't much available. 'Long-term holders' are people who bought Bitcoin and haven't sold or moved it in over five months — they're essentially signaling they believe in Bitcoin's future and aren't panicking. Historically, when this group controls this much of the supply, it's been a sign that the worst of a price downturn is nearly over, because almost everyone willing to sell already has.