Bitcoin's long-term holder (LTH) realized supply is nearing levels historically associated with market bottoms, currently at 12.17 million BTC, according to CryptoQuant analyst Axel Adler Jr. This figure, which peaked at 12.42 million BTC in early June, has more than doubled over the past year, suggesting a shift towards a more resilient holder base. However, it remains below previous bear market capitulation phases, which saw LTH supplies of 15 million BTC in 2015, 16 million BTC in 2018-2019, and 19.7 million BTC in 2022-2023. Despite the increase in LTH supply, the pressure indicator for capitulation-style selling has not triggered for 1,256 days, the longest streak on record, with the last signal in January 2023. Adler notes that while LTH supply is approaching bottom levels, the absence of selling pressure signals indicates a divergence from classic capitulation bottoms. A true bottom confirmation would require LTH realized supply to exceed 15 million BTC and the emergence of a non-zero selling pressure signal, which has been absent for over three years.