Analysis: Bitcoin long-term holders' positions have risen to near a historical high, breaking the downward trend of the past two and a half years.

Deep Surge TechFlow News, May 21, according to CoinDesk, the positions held by long-term Bitcoin holders have continued to rise, now reaching approximately 16.3 million BTC, nearing the historical high, and breaking the downward trend seen over the past two and a half years. Long-term Bitcoin holders are typically investors who hold for more than 155 days. Since Bitcoin hit an all-time high of about $126k in October 2025, their holdings have increased from about 14.12 million BTC to the current level, adding roughly 200k BTC over the past month alone.

Historically, this metric only approached a higher level (about 16.4 million BTC) in January 2024, when it was just before the launch of the US Bitcoin spot ETF. After that, as the market rose, long-term holders had reduced their holdings by about 2 million BTC over several months. During typical bear markets or periods of price pullbacks, long-term holders usually re-enter an accumulation cycle, meaning that as Bitcoin prices face pressure, “smart money” is flowing back into the market.

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