Bitcoin's long-term holder (LTH) supply has decreased to an eight-month low of 14,342,207 BTC, mirroring levels last seen in May 2025. This marks a significant reduction, nearly 40% from its peak in October. The current decline represents the third LTH sell wave since early 2023, a pattern that diverges from previous bull cycles typically characterized by a single boom and bust phase. Despite this, the market has managed to absorb the sell-off without a dramatic price drop, according to Checkonchain's Alec.