Bitcoin’s Long-Term Holders Show Signs of Strain After February Sell-Off

Following a volatile February for the cryptocurrency market, Bitcoin’s long-term holders (LTHs) are beginning to exhibit signs of pressure. On-chain data indicates a notable shift in behavior among investors who have held their positions for over 155 days. While Bitcoin experienced a significant rally earlier in the year, the subsequent market corrections in late February have prompted some seasoned participants to liquidate portions of their holdings. This trend is reflected in the Long-Term Holder Spent Output Profit Ratio (LTH-SOPR), which shows that profit-taking is accelerating at levels not seen in previous months. Analysts suggest that this ‘strain’ is a result of both macro-economic uncertainty and the psychological impact of previous bear market cycles. As supply migrates from long-term storage to active exchange wallets, the market faces a critical test of absorption capacity. If new institutional demand fails to offset this selling pressure, Bitcoin may see a period of further consolidation before finding a stable floor for its next move.

Source: Bitcoin’s Long-Term Holders Show Signs of Strain After February Sell-Off