Bitcoin Long-Term Holder Supply measures the BTC inventory assigned to the mature-holder side of the STH/LTH split. The soft 155-day model uses a gradual age transition instead of a hard cutoff, reducing artificial jumps when coins approach the cohort boundary.
Rising LTH Supply usually means recent supply is aging into the mature cohort, often during accumulation-heavy regimes or lower on-chain turnover. Falling LTH Supply means older coins are moving and resetting age, often during distribution, renewed demand, or higher activity.
The series is based on coin age, not known holder identity. Exchange reshuffling, custody movements, batching, and change outputs can reset coin age without proving a new economic buyer.
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