A prominent crypto analysis page, XWIN Research Japan, reports that Bitcoin has hit a new milestone: 15.8 million long-term holders. Interestingly, this record comes during a bearish period for the leading cryptocurrency, whose value has dropped 9% since May 6, when prices first peaked around $82,000. In a QuickTake post on May 30, XWIN analysts break down this unusual trend, noting that a rise in long-term holders (LTH) is usually seen as a strong bullish signal. For context, Bitcoin long-term holders are investors or addresses that have held Bitcoin for more than 155 days. These investors tend to be less reactive, and their behavior is often viewed as a sign of long-term market confidence.
Related Reading: Bitcoin Has Hit A Ceiling, Analyst Says No Buying Until Price Hits This Level
### Bitcoin LTH Surge Points To Demand Shortage
An increase in long-term holders suggests a market dominated by investors who are less likely to sell, instead holding in anticipation of future price gains. This creates a strong market structure that holds up well during panic selling by short-term holders (STH). However, XWIN Research Japan notes that healthy bull markets are usually driven by market demand—meaning new buyers or other participants buying coins from long-term holders. So, while the rise in LTH is bullish for market confidence, it could also signal a lack of demand needed to fuel a price rally, which may explain the recent price drops.
XWIN Research Japan shares data that supports this decline in Bitcoin demand across different investor groups. For example, the growth of whale investors—those holding 1,000 to 10,000 BTC—has stalled and is now heading toward a year-over-year decline. Meanwhile, the rise in dolphins, or addresses holding 100 to 1,000 BTC, which mostly include institutional investors and ETF issuers, has also slowed since early 2025. Despite the confidence shown by existing investors, XWIN analysts explain that the bigger picture is that Bitcoin is currently facing a demand shortage rather than selling pressure. This suggests the market may stay in a demand-recovery phase until institutional flows, whale accumulation, and network activity pick up again.
Related Reading: Analyst Compares This Bitcoin Bear Market To Previous Cycles To Show What’s Coming Next
### Bitcoin Market Overview
At the time of writing, Bitcoin is trading near $74,000, showing stable price movement over the last 24 hours. Over longer time frames, the leading cryptocurrency is down 3.45% on the weekly chart and 3.95% on the monthly chart. According to data from CryptoPredictions, analysts expect Bitcoin to close June around $71,102. During the month, the asset is projected to reach a peak of about $84,961, while the lowest price is estimated at roughly $57,774.
Featured image from Magnific, chart from Tradingview
Frequently Asked Questions
Here is a list of FAQs about the news that Bitcoin hit a record 158 million longterm holders despite a price drop
BeginnerLevel Questions
1 What does longterm holder mean for Bitcoin
A longterm holder is someone who has bought Bitcoin and hasnt moved or sold it for at least 155 days These are generally seen as investors who believe in Bitcoins future value not shortterm traders
2 Why would people hold Bitcoin if its price is dropping
Many longterm holders believe the price will recover and go higher in the future They see the price drop as a temporary dip and a chance to buy more not a reason to panicsell They focus on years not days
3 Is 158 million a big number Is that a record
Yes its a record 158 million Bitcoin addresses have held their coins for over 155 days This is the highest number ever recorded showing that more people than ever are committed to holding longterm
4 Does this mean the price will go up soon
Not necessarily While its a positive sign of strong belief it doesnt guarantee an immediate price increase It shows that the smart money isnt selling but the market can still go up or down in the short term
AdvancedLevel Questions
5 How is longterm holder measured if people can have multiple wallets
Analysts measure the number of addresses that havent spent or moved their coins for 155 days While one person can have many wallets the trend of increasing addresses still indicates a growing number of committed holders
6 Why is 155 days the magic number for defining a longterm holder
This metric comes from onchain data analysis Research shows that after 155 days the probability of an investor selling drops dramatically Its the point where a holder transitions from being a shortterm speculator to a longterm believer
7 What does this record tell us about market sentiment during a price drop
It shows a major divergence between price and conviction Usually price drops cause panic selling This record suggests the opposite the most experienced stronghanded investors are accumulating and holding while newer or weaker investors might be selling This is often called