On-chain analyst Darkpost stated that while the proportion of BTC held by long-term holders continues to increase, it is not new accumulation. He explained, "Currently, the amount held by long-term holders is approximately 15.6 million BTC, accounting for about 78% of the total circulating supply. Looking at past data, long-term holders have significantly influenced price movements by releasing large quantities into the market at cycle highs. The currently increased long-term holdings reflect the accumulation that occurred around $90,000 approximately six months ago. In August, the increase could be even larger if it includes the accumulation that took place when Bitcoin's price dropped below $60,000 in early February. This could also help confirm whether actual buying pressure entered the market during that downtrend. However, this indicator should not be interpreted as a signal of new accumulation by long-term holders. This is because UTXO (unspent BTC)-based metrics classify only BTC that has not moved for 6 months or more as long-term holdings. The key takeaway at this point is that the amount of BTC newly entering long-term holdings is greater than the amount being sold."
