Leading up to the approval of spot #ETFs in January, speculation surged, leading Long-Term Holders (
#LTH ) to either cash out for profit or reallocate their holdings into new
#ETFs. products.
This resulted in a significant decrease in LTH supply balance by approximately 299.5K #BTC since November, from a peak of 14.996M BTC. Notably, analysis of
#gbtc flows, with around 661k BTC inflow and 151.5K #BTC outflows in 2021, suggests that remaining LTH supply, totaling 148K #BTC, is being spent by investors.
This trend aligns with previous research indicating LTHs begin distributing their holdings as the market approaches all-time high prices.
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