Bitcoin LTH supply rises; LTH SOPR stays below 1.0 for five days

Bitcoin LTH supply keeps rising, but profitability slipped below neutral. LTH SOPR sits at 0.979 and has stayed under 1.0 for five days, a cautious read on structure (Adler).

- Long-term realized supply for Bitcoin rose from 5.26M BTC in January to 8.32M BTC by April 16, up 3.06M in three months (source).

- Over 12 months, LTH Realized Supply climbed from 4.16M to 8.32M, signaling broader LTH expansion and tighter liquid float; part of the rise reflects coins aging past 155 days, not just new buys (source).

- LTH SOPR (7d MA) is 0.979 and below 1.0 for five straight days. A deeper dip hit 0.798 in late March–early April and lasted seven days before a brief rebound (source; see also context on SOPR from NewsBTC).

- Adler frames the backdrop as consistent with consolidation near $75k, not broad distribution, while loss-selling by some LTHs tempers the setup (source).

- Bearish trigger, per Adler: LTH SOPR stays meaningfully sub‑1.0 and deepens, and LTH Realized Supply turns down at the same time. That combo would flag a regime shift toward distribution (source).