Bitcoin Long-Term Holders' Distribution Rises to 281,900, Up 61.5% Since August 18

On September 1, CryptoQuant analyst Axel Adler Jr noted that from August 18 to 28, the 30-day cumulative distribution of Bitcoin long-term holders (LTH) increased from 174,500 to 281,900, a rise of 61.5%, reaching the highest level since 2026. This metric accelerated during the rebound following a short squeeze in Bitcoin, indicating that long-term holders are taking profits as prices rise. Meanwhile, the LTH MVRV increased from 1.31 on August 18 to 1.64 on August 27, and remained at 1.60 on August 31, suggesting that the market value of Bitcoin held by long-term holders is approximately 60% higher than its average realized value. Despite the increase in distribution activity, long-term holders still possess significant unrealized profits. Axel believes that the price rebound after the short squeeze has elevated the profit levels and token distribution rates for long-term holders, creating conditions for further profit-taking. If Bitcoin prices remain stable, long-term holders may continue to release supply, adding extra selling pressure to the market. Currently, the market is watching whether the high distribution from long-term holders will persist and whether new buying can absorb this additional supply; otherwise, the market may face price pressure again.

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