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A notable new data point from Glassnode shows:
The supply ratio held by long-term investors (LTH) – that is, addresses holding BTC for at least 155 days or more – has decreased to ~72% of the total supply, the lowest level in 8 months.
This figure is currently around 14.3 million BTC – down from ~14.8 million BTC in July.
So what does this mean?
The reduction in supply by LTH could come from some long-term holders who have started taking profits or reducing their positions.