On-chain data shows that Bitcoin long-term holders have been trimming their positions since late July, with their supply falling by approximately 345,000 BTC between July 30 and October 19, 2026. The pace of selling is slowing, however: holders reduced their balances on 13 out of 15 days in early October, compared with 10 out of 15 later in the month. Bitcoin traded around $80,300 to $80,500 at the end of October, below recent highs of about $84,000, while long-term holder supply remained well above the 14 million BTC recorded in December 2025. Analysts note that distribution phases following accumulation have often preceded strong rallies in 2013, 2017 and 2021, but the indicators based on 155 days and 18 months of holding do not measure the same groups of holders.
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