Bitcoin long-term holders increase coin spending
Bitcoin long-term holders (LTH) have increased their coin spending in recent weeks, according to Glassnode data. The 14-day simple moving average for LTH spending has risen, though it remains well below the levels seen in October and November 2024.
Long-term holders on Glassnode are determined based on the age of the coins on their balances (minimum threshold – 155 days), adjusted for UTXO/entities using a smooth logistic transition (rather than individual addresses). By tracking the movement or sale of old coins, it is possible to assess whether long-term investors are distributing or holding their assets.
The current spending rate sits within normal ranges for this market cycle. During late 2024, LTH distribution reached much higher levels as prices climbed. Between October and mid-November 2024, on-chain data showed heavy selling from long-term holders, marking the most intense distribution period of that cycle.
The recent increase in spending comes as Bitcoin has experienced high price volatility in recent weeks. Bitcoin traded in a wide range last week before moving toward the $110,000 area. Glassnode noted that spot market momentum has softened while trading volumes remain steady.
Glassnode uses the 155-day threshold based on observed spending patterns on the Bitcoin network. Coins older than this period are statistically less likely to be spent, making them useful for tracking longer-term investor behavior. The firm applies this measurement across multiple indicators including supply metrics, profit and loss calculations, and spending data.
The analytics company often uses short moving averages like the 14-day series to smooth out daily fluctuations in the data. While the current 14-day average has turned higher, it remains significantly below the November 2024 peaks when substantial volumes of older coins were sold as prices rose.
Glassnode uses the 155-day threshold based on observed spending patterns on the Bitcoin network. Coins older than this period are statistically less likely to be spent, making them useful for tracking longer-term investor behavior. The firm applies this measurement across multiple indicators including supply metrics, profit and loss calculations, and spending data.
The analytics company often uses short moving averages like the 14-day series to smooth out daily fluctuations in the data. While the current 14-day average has turned higher, it remains significantly below the November 2024 peaks when substantial volumes of older coins were sold as prices rose.
LTH metrics help traders better understand the dynamics of changes in the distribution of supply among different groups of investors (in particular, whether “old” coins are being redistributed in favor of new buyers, whether long-held coins are being sold at a profit or loss) by measuring the intensity of spending activity.
