Analyst: The supply of long-term Bitcoin holders has turned positive, with approximately 308k new coins accumulated.

CoinCircle News: CryptoQuant analyst Darkfost said that although the macro environment has continued to face pressure, the supply held by long-term holders (LTH) has regained positive growth momentum. On-chain data shows that this metric’s 30-day moving average touched a trough at the end of November with net outflows of 674,000 BTC; it has now strongly reversed and returned to the positive range, with an average of about 308,000 BTC of long-term coins added and settled.

This metric is mainly based on the UTXO (unspent transaction output) model, and in practice reflects how short-term positions accumulated six months ago naturally transition to long-term positions without being sold off. Changes in this data structure indicate that investors’ current willingness to hold and accumulate coins has outweighed the impulse to sell in the short term. In historical cycles, shifts in this kind of underlying coin-holding behavior are often a forward-looking indicator of upward price movement. However, the analyst also cautions that in a choppy market, there may be short-term reversals that fail to form a structural trend; whether this accumulation trend can translate into clear bullish momentum still needs ongoing validation from subsequent on-chain data.