Bitcoin's long-term holder (LTH) realized supply reached 8.05 million BTC as of March 11, 2026, marking a 5.5% decline from the cycle peak of 8,529,671 BTC on March 8, 2026. Despite this pullback, the LTH supply remains historically high, with the current cycle showing significantly larger holdings compared to previous cycles at the same post-halving stage. The Z-score, a measure of market sentiment, eased to 2.66 from a peak of 3.20. Crypto analyst Axel Adler Jr. noted that the current cycle's LTH supply is 1.52 times higher than the 2020 cycle and 3.4 times higher than the 2016 cycle at equivalent points. The MA365 ratio stands at 1.595, indicating moderate overheating relative to the one-year moving average. Institutional inflows into Bitcoin ETFs have locked up large volumes of coins, potentially accelerating accumulation among long-term holders. However, the 30-day rate of change in accumulation has slowed to +7.6%, suggesting a stabilization phase may be underway.