[Analysis: Long-term holders' share of BTC continues to climb to approximately 78%, August may become a key window to observe February's low-buying support] BlockBeats News, July 3, analyst Darkfost published an article stating that currently, long-term holders (LTH) hold approximately 15.6 million BTC, accounting for about 78% of the circulating supply, and this proportion is still rising. In December 2023, this metric was around 16.8 million BTC, and since then, long-term holders have conducted large-scale distributions at multiple peaks during this cycle, significantly impacting market trends. The current increase in LTH holdings corresponds to the conversion of BTC purchased approximately six months ago, when the price was around $90,000, into "long-term holdings." This does not imply that long-term holders are continuously accumulating. Since this metric is based on the UTXO model, BTC must be held for at least six months to be counted as LTH. Therefore, it only indicates that the number of BTC entering the LTH state exceeds the quantity sold by long-term holders. Additionally, if this metric continues to rise significantly in August, it will reflect that BTC purchased during February's drop below $60,000 has started entering the long-term holding phase. At that time, further observation can determine whether the market downturn truly stimulated new demand. Historically, this cycle aligns with previous ones, where the LTH holding ratio rapidly increased from the end of the bear market to the first peak of the bull market, followed by a distribution phase where long-term holders released BTC back into the market. [Original link]