3 hours ago
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Key Takeaways
- Long-term holders now control a record 79% of supply.
- Old coins stay dormant as conviction holders refuse to sell.
- SOPR readings below 1.0 show coins moving at losses.
- The pattern signals seller exhaustion, not profit-taking distribution.
- History warns one final capitulation can precede a durable bottom.
The signal worth paying attention to is not that long-term holders own a lot of Bitcoin. It is that Bitcoin’s strongest hands are refusing to sell through a prolonged downturn, a pattern that suggests speculative excess has largely been flushed out of the market.
According to a K33 Research report, long-term holders now control a record 79% of Bitcoin’s circulating supply, and very few old coins are moving on-chain compared with previous cycles. That combination says something specific about who is left in the market: investors with the highest conviction are continuing to hold, while weaker hands have already sold and exited.
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