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Bitcoin long-term holders’ supply has declined for seven straight weeks, but market demand has been absorbing the selling, according to an analysis by on-chain analyst Axel Adler Jr.
Adler said the LTH position change indicator turned negative on Aug. 17 and reached negative 73,400 BTC on Sept. 28. Over the same period, LTH SOPR, an indicator showing whether held BTC was sold at a profit, stood at 1.18, indicating the moved BTC was realized at an average profit of 18% versus its purchase price. He said long-term holders have been taking profits during the uptrend, while the market has so far absorbed the selling pressure sufficiently.