Bitcoin Moving to 'Never-Sell Hands'... Institutions and Whales Entering 'Lockdown Mode'

▲ 비트코인(BTC)/챗GPT 생성 이미지

Bitcoin (BTC) supply structure is rapidly being reorganized around long-term holders, signaling significant changes in market trends. Over the past month, approximately 303,000 BTC have been incorporated into the Long-Term Holder (LTH) group, marking the full-scale shift to 'strong hands.'

According to crypto media outlet Bitcoinist on April 24 (local time), on-chain data analysis revealed that long-term holders significantly increased their holdings over the past 30 days, rapidly absorbing Bitcoin supply.

Long-term holders generally refer to investors who have not moved their Bitcoin for more than 5 months, and are considered a core pillar in the market that does not easily sell despite price fluctuations. An increase in their holdings directly leads to a decrease in circulating supply within the market, acting as a factor that enhances price stability.

What is notable in this data is that beyond a simple increase in volume, a change in the supply and demand structure has simultaneously emerged. During the same period, the volume held by short-term holders (STH) decreased by approximately 290,000 BTC, clearly showing a trend where 'weak hands' are exiting the market and 'strong hands' are absorbing them.

This change is analyzed to have become full-fledged since the beginning of this year. Especially after the price correction in February, as the market entered a sideways trend, the 'HODLing' strategy centered on long-term holding strengthened, leading to a continued trend of supply reduction.

The impact of institutional funds is also confirmed. The fact that major institutional entities, such as spot ETFs and strategy funds, are continuously absorbing a certain amount of supply and reducing liquidity in the market is also pointed out as a factor accelerating the supply reduction.

However, in terms of price upward momentum, structural risks are also simultaneously raised. With analyses suggesting that the recent rebound is centered more on the futures market than on spot demand, there is a possibility of increased volatility in the short term. It is pointed out that if spot demand is not supported, the upward trend may not be sustained and could lead to a correction.

The market interprets this supply restructuring not merely as an accumulation phase but as a signal preparing for the next cycle. This is because the more Bitcoin supply is concentrated with long-term holders, the stronger the structure becomes where circulating supply decreases.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*