Bitcoin has lost the $75,000 level as selling pressure intensifies and the market faces a wave of uncertainty that has erased the confidence built during the recovery from the April lows. The breakdown is significant, and XWIN Research Japan has identified a development in the long-term holder data that challenges one of the most widely cited bullish signals in Bitcoin on-chain analysis.
Long-Term Holder supply has reached a record 15.8 million BTC. By the conventional interpretation that has guided on-chain analysis for years, that figure should be unambiguously constructive. More long-term holders means more Bitcoin removed from the liquid supply, less available for immediate sale, and a market where the most committed participants are expressing conviction through holding rather than distributing. Record LTH supply has historically been associated with the kind of structural supply tightness that precedes meaningful price advances.
XWIN Research Japan presents the CryptoQuant argument that inverts that interpretation entirely — and it is an argument worth taking seriously precisely because it challenges the consensus rather than confirming it.
The record LTH supply may not reflect growing conviction among committed holders. It may reflect something more concerning: a shortage of new buyers willing to absorb supply at current prices, leaving coins to age into the long-term holder category by default rather than by design.
Record Long Term Holder Supply and No One Buying
The XWIN Research Japan analysis reframes the record LTH supply with the demand context that changes its meaning entirely. In a healthy bull market, coins sold by long-term holders are absorbed by new investors entering the market — the supply rotation that drives price discovery higher as conviction transfers from early holders to fresh capital. That absorption mechanism is currently absent. Bitcoin appears to be changing hands less frequently, suggesting the demand side of the equation has weakened rather than strengthened.
The data confirms the diagnosis across multiple cohorts. Whale holdings in the 1,000 to 10,000 BTC address range have stopped growing and are trending back toward negative year-over-year growth. Dolphin holdings in the 100 to 1,000 BTC range — which capture ETF and corporate demand — have slowed significantly since late 2025. Meanwhile, part of the LTH supply increase reflects older Coinbase-held coins simply aging into the long-term holder category through the passage of time rather than through deliberate accumulation decisions.
The XWIN assessment consolidates weeks of converging signals into a single conclusion. Weakening ETF flows, negative Coinbase Premium readings, declining active addresses, and slowing on-chain demand have been present simultaneously for an extended period. Bitcoin does not currently have a seller problem. It has a buyer problem.
Until ETF inflows recover, whale accumulation resumes, and network activity improves, the market remains in a demand recovery phase rather than a confirmed bull market — and record LTH supply is the symptom of that absence rather than the solution to it.
Bitcoin Loses Key Support As Bears Test The Structure
Bitcoin is trading around $72,600 after losing the critical $74,000–$75,000 support zone that had acted as the foundation of the recovery from the April lows. The breakdown is technically significant because it places BTC back below the 50-day moving average while simultaneously testing the confluence of the 100-day moving average and a major horizontal demand area.
The chart shows a clear rejection from the May high near $82,000, where sellers regained control before price could challenge the declining 200-day moving average around $80,000. Since then, Bitcoin has produced a sequence of lower highs and lower lows, confirming a short-term bearish structure.
The most important level currently sits between $72,000 and $73,000. This zone served as resistance during March and April before eventually flipping into support during the breakout phase. Markets often retest former breakout levels, and Bitcoin is now doing exactly that. The reaction here will likely determine the next major move.
If bulls defend the current area and reclaim $75,000, Bitcoin could attempt another move toward $78,000 and eventually $82,000. Failure to hold support would expose the next major demand zone near $65,000–$66,000, where buyers previously stepped in aggressively after February’s selloff. For now, Bitcoin remains at a critical inflection point, with the $72,000–$73,000 region acting as the line separating consolidation from a deeper corrective phase.
Featured image from ChatGPT, chart from TradingView.com
