Bitcoin's Record Holder Supply Masks a Buyer Drought,…

Bitcoin is trading around $73,500 — roughly 10% below its recent highs — and a new CryptoQuant report argues that one of the market's most-cited bullish signals is actually flashing a warning. A record 15.8 million BTC is now classified as long-term holder supply, but CryptoQuant says the figure reflects market inactivity rather than conviction: with fewer new buyers entering, coins are simply aging into long-term status by default.

Short-term holder supply has dropped by roughly 2.2 million BTC since December, with about 900,000 BTC of that shift coming from Coinbase reserves crossing the 155-day reclassification threshold — a technical accounting event that underscores the central thesis.