Bitcoin Bull Market Persists as Long-Term Holders Sell 2.57 Million BTC in 4 Months, Yet Price Remains Resilient

In a recent note, Bitcoin analyst Murphy argues that the net count of long-term holders (LTH) has declined by about 363,000 BTC since July 7, 2025. Yet the overall LTH distribution footprint remains sizable due to ongoing inflows converting new coins into long-term positions across crypto markets.

Murphy’s calculations indicate the LTH cohort has distributed roughly 2.57 million BTC over the same window, equating to near 13% of the available chip supply in four months, according to on-chain data.

Pricing data show resilience despite this activity: Bitcoin has moved only about $2,000 from July 2025 to today, suggesting robust demand that absorbs supply without triggering a material downside.

Taken together, the analysis points to a continued bull market stance rather than a looming reversal, supported by persistent demand and favorable liquidity dynamics across major markets.