BlockBeats News, November 11, Analyst Murphy stated in a post that by comparing the price distribution chart of Bitcoin’s long-term holders, it can be observed that: from July 7, 2025, to today, the total BTC held by long-term holders (LTH) has decreased by 363,000 coins. However, in reality, their total distribution scale is much larger than this number. Due to the continuous influx of new BTC, which after being held for some time becomes long-term chips, the decrease in old coins is numerically offset, making the net reduction data not seem so extreme. But according to our statistics, 「LTH has actually distributed a total of 2.57 million BTC during this period, which means that 13% of the chip supply has been sold off in just 4 months.」
However, in terms of BTC’s price, since July 7, 2025, to now, there has been a mere $2,000 difference. Despite the market facing significant selling pressure, the price has not been driven down, indicating that the demand side corresponding to the oversupply is equally strong.
Therefore, Murphy believes that the current market is still in a bull market phase, rather than the beginning of a bearish reversal.
