ON-CHAIN METRIC
LTH Supply
How much Bitcoin belongs to the statistically less-active long-term holder cohort—and how is that cohort defined?
Open the Supply dashboard
Long-Term Holder Supply estimates how much circulating Bitcoin belongs to on-chain entities classified as long-term holders. In the common Glassnode methodology, the classification is centred on an average acquisition age of 155 days.
The label is statistical, not personal. It identifies a cohort whose coins have historically become less likely to be spent as they age; it does not verify who owns them, why they are held or when they will move.
How LTH Supply is calculated
Entity-adjusted versions cluster addresses into estimated market participants, calculate a volume-weighted average acquisition age for each entity and classify its balance through a smoothed transition centred on 155 days.
The common model uses a transition width around that midpoint to avoid a visible cliff when a large balance crosses one exact date. Simpler provider versions may apply a hard UTXO-age threshold instead, so the methodology should sit beside the chart.
Why the supply rises and falls
LTH Supply can rise as existing balances age into the long-term cohort. It can also change when an entity receives or spends coins because the balance’s volume-weighted age is recalculated.
It falls when long-term-classified balances are spent or reclassified towards the short-term cohort. These are modelled cohort transitions—not proof that an investor bought, sold or changed conviction on that date.
What the metric does not tell you
A large LTH balance is not identical to liquid supply being deliberately withheld. Lost coins, operational cold storage and custodial balances can remain old too.
Entity clustering is heuristic, provider histories may be revised and a single entity can represent many underlying customers. Read LTH Supply with spending volume, LTH SOPR and exchange or custody context.
How to read it
Rising persistently. More supply is ageing into or remaining within the long-term cohort than leaving it.
Rising quickly. A substantial balance is crossing into the modelled cohort.
Flat. Maturation and spending or reclassification are broadly offsetting.
Falling. Long-term-classified supply is being spent or moving towards the short-term cohort.
Sharp change. Check entity revisions, large transactions and the provider’s smoothing method.
LTH Supply updates inside the Supply Distribution dashboard, beside STH Supply, HODL Waves and cohort spending measures.
Common questions
What makes supply long term?
The common entity-adjusted model uses a volume-weighted acquisition age with a smoothed transition centred on 155 days.
Does every coin flip category on day 155?
Not in the smoothed entity model. The transition is gradual, and an entity’s newer and older balances affect its weighted age together.
Does rising LTH Supply prove accumulation?
No. It is consistent with greater relative dormancy, but ageing, lost coins, custody and entity classification also affect the total.
Can old coins move without being sold?
Yes. A self-transfer or custody reorganisation can spend old outputs and alter the cohort data without a market sale.
How does LTH Supply differ from LTH SOPR?
LTH Supply estimates the balance held by the cohort. LTH SOPR measures profit or loss only among qualifying outputs that were spent.
ON-CHAIN METRIC
LTH Supply
How much Bitcoin belongs to the statistically less-active long-term holder cohort—and how is that cohort defined?
Open the Supply dashboard
Long-Term Holder Supply estimates how much circulating Bitcoin belongs to on-chain entities classified as long-term holders. In the common Glassnode methodology, the classification is centred on an average acquisition age of 155 days.
The label is statistical, not personal. It identifies a cohort whose coins have historically become less likely to be spent as they age; it does not verify who owns them, why they are held or when they will move.
How LTH Supply is calculated
Entity-adjusted versions cluster addresses into estimated market participants, calculate a volume-weighted average acquisition age for each entity and classify its balance through a smoothed transition centred on 155 days.
The common model uses a transition width around that midpoint to avoid a visible cliff when a large balance crosses one exact date. Simpler provider versions may apply a hard UTXO-age threshold instead, so the methodology should sit beside the chart.
Why the supply rises and falls
LTH Supply can rise as existing balances age into the long-term cohort. It can also change when an entity receives or spends coins because the balance’s volume-weighted age is recalculated.
It falls when long-term-classified balances are spent or reclassified towards the short-term cohort. These are modelled cohort transitions—not proof that an investor bought, sold or changed conviction on that date.
What the metric does not tell you
A large LTH balance is not identical to liquid supply being deliberately withheld. Lost coins, operational cold storage and custodial balances can remain old too.
Entity clustering is heuristic, provider histories may be revised and a single entity can represent many underlying customers. Read LTH Supply with spending volume, LTH SOPR and exchange or custody context.
How to read it
Rising persistently. More supply is ageing into or remaining within the long-term cohort than leaving it.
Rising quickly. A substantial balance is crossing into the modelled cohort.
Flat. Maturation and spending or reclassification are broadly offsetting.
Falling. Long-term-classified supply is being spent or moving towards the short-term cohort.
Sharp change. Check entity revisions, large transactions and the provider’s smoothing method.
LTH Supply updates inside the Supply Distribution dashboard, beside STH Supply, HODL Waves and cohort spending measures.
Common questions
What makes supply long term?
The common entity-adjusted model uses a volume-weighted acquisition age with a smoothed transition centred on 155 days.
Does every coin flip category on day 155?
Not in the smoothed entity model. The transition is gradual, and an entity’s newer and older balances affect its weighted age together.
Does rising LTH Supply prove accumulation?
No. It is consistent with greater relative dormancy, but ageing, lost coins, custody and entity classification also affect the total.
Can old coins move without being sold?
Yes. A self-transfer or custody reorganisation can spend old outputs and alter the cohort data without a market sale.
How does LTH Supply differ from LTH SOPR?
LTH Supply estimates the balance held by the cohort. LTH SOPR measures profit or loss only among qualifying outputs that were spent.