Analysis: Long-term Bitcoin holders have cumulatively sold about 2.57 million BTC, and the strong price performance indicates robust demand

According to ChainCatcher, analyst Murphy stated that by comparing and analyzing the price distribution chart of long-term bitcoin holders, it can be observed that the total BTC held by long-term holders (LTH) has decreased by 363,000 coins. However, in reality, the total amount they distributed is much greater than this number. This is because newly purchased BTC, after being held for a period of time, becomes long-term holdings, which numerically offsets the reduction of old coins, making the net decrease data appear less dramatic.

According to our statistics, LTHs actually distributed a total of 2.57 million BTC during this period, meaning that chips accounting for 13% of the total circulating supply were sold within just four months. However, in terms of BTC price, there is only a $2,000 difference between July 7, 2025 and now. The market has faced a large amount of selling pressure, but the price has not collapsed, 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 market, rather than the beginning of a transition from bull to bear.