BTC long-term holder supply hits 8-month low

The supply of Bitcoin held by long-term holders has fallen to 14.3 million BTC, its lowest level in eight months, Cointelegraph reported, citing data from Glassnode. This figure, the smallest recorded since April, now accounts for 71.9% of the total circulating supply. Over the past 30 days, the amount of BTC held by this cohort, defined as those holding for over 155 days, has decreased by 760,000 BTC. Cointelegraph's analysis suggests this indicates sustained selling pressure from long-term holders. The outlet also noted that from a technical perspective, a break below key support levels could potentially lead to a correction for BTC down to $68,500.