Key Takeaways
Bitcoin is present process a mid-cycle provide rotation. Brief-term holders are gaining floor as long-dormant cash reactivate at scale.
A structural shift is unfolding in Bitcoin’s [BTC] provide dynamics.
Lengthy-Time period Holder (LTH) provide has declined to 14.54 million BTC, marking a month-to-month low. In distinction, Brief-Time period Holder (STH) provide has climbed to 2.4 million BTC, reflecting a 7.96% uptick over the identical interval.
Notably, this rotation aligns with BTC’s 8.04% month-to-month shut, the place worth depraved as much as a brand new all-time excessive of $123K. Reinforcing this pattern, Bitcoin’s new tackle momentum is ticking increased.
Supply: Glassnode
As proven within the chart, BTC’s 30D SMA of recent addresses has crossed above the 365D SMA for the primary time in months. It’s a traditional sign of renewed on-chain growth.
Usually, this sort of crossover suggests the speed of recent customers onboarding is now outpacing the yearly pattern, marking a powerful vote of confidence from retail and newer market entrants.
Zooming out, the image’s clear: Bitcoin provide is rotating into more energizing arms, and the community’s heating up. That’s a notable shift from previous cycles the place STHs had been fast to de-risk on new highs.
Bitcoin’s provide map is getting redrawn
CryptoQuant data confirms a notable structural rotation in dormant BTC provide. Bitcoin’s outdated provide is waking up quick, and in a lot greater chunks.
In 2023, solely round 59k BTC from long-dormant wallets moved. However in 2024, that quantity exploded to 255k BTC, and 2025 is already at 214k BTC with months to go.
What actually stands out is the scale of every transfer. Common TX dimension ballooned from 162 BTC to 1,011 BTC, signaling these aren’t retail flows. It’s seemingly high-conviction entities rotating provide again into lively circulation.
Supply: CryptoQuant
In the meantime, 2025’s common month-to-month reactivated provide sits at 30.7K BTC, marking a 6x soar YoY (12 months-over-12 months). And but, regardless of this supply-side exercise, Bitcoin has rallied above $120K, highlighting robust underlying demand.
Put merely, Bitcoin is redrawing its provide map in actual time. Dormant capital is reawakening, short-term holders are gaining market share, and on-chain consumer development is accelerating.
And these aren’t signs of late-cycle euphoria. As an alternative, these are indicators of a mid-cycle structural reset.
As this repositioning unfolds behind the scenes, Bitcoin seems poised to enter its subsequent main leg up.
