As you can see in the above graph, the Bitcoin long-term holders started showing deep distribution behavior following the month of May.
However, around three weeks ago, the LTH net position change flipped as these holders began to accumulate. At the peak of this green phase, these investors were hodling at a rate of 79k BTC per month.
But this buying spree didn’t last too long. Soon after, the LTHs again shifted back to a trend of distribution, where they sold at a rate of up to 47k BTC per month. In the past week, the selling has reduced a lot, but the metric’s values still remain red.
Because of all the selling since May, the long-term holder supply has lost around 222k BTC (as of three days ago, when the report released).
The below chart shows how the Bitcoin supply held by LTHs has changed during the last couple of years: