Analysis: Long-term Bitcoin holders have sold approximately 2.57 million BTC since July, and the strong coin price indicates robust demand.

On November 11, analyst Murphy posted that by comparing the price distribution chart of long-term Bitcoin holders, it can be observed that from July 7, 2025, to today, the total amount of 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 is continuously bought and then becomes long-term holdings after a period of time, it numerically hedges the decrease of old coins, making the net decrease data appear less outrageous. According to our statistics, “LTH has actually distributed a total of 2.57 million BTC during this period, which means that 13% of the total circulating supply has been sold in just 4 months.” However, in terms of BTC's price, there is only a mere difference of 2000 dollars between July 7, 2025, and now. The market is under significant selling pressure from new entrants, yet the price has not been broken down, 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 run, rather than at the beginning of a bear market.