Bitcoin long-term holders cut exposure for seventh straight week

Odaily Planet Daily reported that crypto analyst Axel Adler said Bitcoin's long-term holders (LTHs) have trimmed their positions for seven consecutive weeks, but the selling has yet to derail BTC's advance as the market continues to absorb the supply coming from long-term investors. On-chain data shows the LTH position change indicator stayed positive from February through early August, with long-term holders adding about 1.2 million BTC in May. The gauge flipped negative on Aug. 17 and has remained in a net-distribution phase for seven straight weeks. As of Sept. 28, LTH position changes showed a reduction of 73,400 BTC, accelerating from a decline of 1,100 BTC a week earlier. Adler noted that the current drawdown remains modest compared with the roughly 1.07 million BTC sold by long-term holders in November 2025. He added that if long-term holders resume selling hundreds of thousands of BTC while BTC prices stagnate, it could point to a weakening ability of the market to absorb supply. Separately, the LTH SOPR has held above 1 for a second consecutive week, signaling profit-taking by long-term holders. The indicator climbed to 1.24 on Sept. 21, its highest reading since January; it stood at 1.18 as of Sept. 28, suggesting BTC being moved is realizing gains of about 18% versus cost basis. Overall, the data indicates long-term holders are gradually locking in profits as prices rise, while fresh demand continues to take up the released supply.