Financial analyst Willy Woo has criticized the long-term holder (LTH) metric used in Bitcoin analysis, calling it outdated and misleading. Woo argues that the definition of 'long-term holder'—Bitcoin held for more than five months—is flawed and that declines in LTH supply often indicate custody rotation rather than selling by original Bitcoin holders. He points out that the current cycle's drop in LTH supply is smaller than in 2017, suggesting that more accurate metrics are available for market analysis. Other analysts, including Julio Moreno of CryptoQuant and Samson Mow of JAN3, support Woo's critique. They emphasize the importance of focusing on demand-side analysis over LTH movements to gain better market insights.