On-chain · Holders
LTH Accumulating, explained
How many bitcoin have sat unspent for more than 155 days, and whether that group is growing or shrinking. How the supply is counted, what the shading marks, what the history shows at past lows, and what a count of unmoved coins can and cannot tell you.
- Measures
- LTH supply
- Shaded when
- 30 days
- History from
- 2011
- Updated
- Daily
coins that have sat unspent for more than 155 days
supply is higher than it was 30 days earlier
daily, Bitcoin only
each day adds the previous day's reading
What does it show?
Some coins keep moving and some sit still. This chart counts the coins that have sat unspent for more than 155 days and calls them long-term holder coins. It then asks whether that group is growing or shrinking.
When coins join the group faster than they leave it, the group grows. That is what the shaded stretches mark.
How the supply is counted
Every coin is timed from the day it last moved on the blockchain. Each day we add up all the coins whose last move was more than 155 days ago. That total is the LTH supply. It uses a hard cutoff, and we apply no entity adjustment.
The chart draws that supply with Bitcoin’s price beside it, and shades every day on which the supply is higher than it was 30 days earlier. The data is computed daily by Blockchain Decoded from the public Bitcoin blockchain, and the chart starts in 2011.
What the shading means
A coin enters the group by sitting still for 155 days, and it leaves the moment it moves. So the supply rises when more coins age into the group than are spent out of it. The shading says that has happened over the past month.
It is a description of coins that have not moved. It does not say who holds them or why, and it marks no threshold that triggers anything.
What the history shows
Since 2011 the supply has been higher than 30 days earlier on about three days in five. It was shaded on 72 percent of days in 2014 and 2015, 75 percent in 2018 and early 2019, and on only 8 percent of days through 2017. Across 2022 to early 2023 it was about half.
At the price lows it pointed both ways. In January 2015 and March 2020 the supply was higher than a month before. In December 2018 it was lower by about 820,000 coins, and in November 2022 by about 144,000. So the group has been growing at some past lows and shrinking at others.
What the chart does not tell you
A holder count feels like a verdict on the market, which is when it is easiest to over-read. Five things to keep in view.
It counts coins that sit still, not people
A coin leaves the group the moment it moves, even if it only moves between two wallets of the same holder. We apply no entity adjustment, so supply can fall without anyone having sold. This chart describes coins that have not moved, not what their owners intend.
The level reads high, so look at the direction
The cutoff is a hard 155 days with no entity adjustment, so our total sits above entity-adjusted versions of the same measure. The level is offset, and the rise and fall is what the chart is for.
It has pointed both ways at past lows
At the price lows of January 2015 and March 2020 the supply was rising over the previous 30 days. At the lows of December 2018 and November 2022 it was falling. So the shading has not been a consistent feature of the lowest day.
The shading flips on a small change
It is on whenever supply is higher than 30 days earlier, and off when it is not, however small the difference. A flat period can switch back and forth. The 30-day window is a choice, and a longer or shorter one would shade different days.
It describes holdings and says nothing about timing
Accumulation can run for months before anything changes, and the shading can be off through a lasting rise. It shows how the group of unmoved coins is changing, nothing more.
The chart shows whether coins are staying still. It cannot show why, or what comes next.
Where it fits
This is an on-chain holder chart with no risk score of its own. It is one of the four conditions behind the On-Chain Bottom Zone Signal, which counts how many are present at once. It is not an input to either Heatmeter. It sits beside the LTH vs STH Supply chart, which splits Bitcoin’s supply by how long coins have sat still.
Common questions
What is a long-term holder coin?
Any coin that has sat unspent for more than 155 days. Each coin is timed from the day it last moved on the blockchain. When it moves again it leaves the group and its clock restarts.
What is LTH supply?
The total number of bitcoin that are in that group today, added up across the whole blockchain. It grew from about 2.7 million coins in January 2011 to above 16 million by mid-2026.
What does the shading mean?
The chart shades every day on which LTH supply is higher than it was 30 days earlier, which means more coins have joined the group than have left it over that month. When supply is flat or lower, the shading is off.
How often has it been shaded?
On about three days in five since 2011. It was shaded on most days in 2014 to 2016 and 2018 to 2019, on about half of the days in 2022 to 2024, and on only 8 percent of days in 2017.
Why does our level differ from other versions?
We use a hard 155-day cutoff and do not adjust for coins that merely move between wallets of the same holder. Versions that adjust show a lower total. The direction is what this chart is for.
How often does it update?
Once a day. Each day the series adds the previous day's reading, and the days already on the chart do not change.
Does this chart have a risk score?
No. It draws LTH supply, the shaded stretches and Bitcoin's price alongside. It is one of the four conditions behind the On-Chain Bottom Zone Signal, which counts how many are present.
Is this a buy or sell signal?
No. It describes whether the group of long-unmoved coins has been growing or shrinking. It has been growing at some past lows and falling at others, so it is a historical observation and not a guide to what happens next.
Related guides
Others in on-chain — What the blockchain itself says about holders, miners, and what people paid for their coins.
- LTH Realized LossThe daily dollar value of losses taken when long-held coins are spent below the price they last moved at, shown as a 30-day average.
- LTH Supply in LossHow many long-held bitcoin sit at a loss, against the cohort's average cost and Bitcoin's price.
- On-Chain Bottom Zone SignalA count, from zero to four, of how many of four on-chain conditions hold at once, shown weekly.
- Stock-to-FlowThe scarcity model that values Bitcoin from its issuance rate, shown with its deviation from actual price.
- Exchange FlowCoins moving on and off major exchanges, as a daily net flow with a 7-day average, ranked against its own history.
Every indicator we track — the full glossary.
Open the chart
Everything above is the method. On the chart you can see the long-term supply, the shaded stretches where it is rising over the last 30 days, and Bitcoin’s price alongside.