Bitcoin’s long-term holder cohort is still expanding, but a key profitability gauge has slipped back below neutral, creating a more cautious read on market structure even as older supply continues to move out of circulation. In an April 17 market note, on-chain analyst Axel Adler Jr. said Bitcoin’s LTH Realized Supply climbed from 5.26 million BTC in January to 8.32 million BTC as of April 16, an increase of 3.06 million BTC in three months.
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