Bitcoin Long-Term Holders Keep Positions Through Third-Quarter Rebound

Bitcoin (BTC) long-term holders largely kept their positions through the third-quarter rebound, while supply indicators showed renewed activity among newer participants and no move into an overheated market phase.

Supply that had not moved in more than a year continued to grow as the market recovered. Recently active supply also rose as newer participants returned.

Bitcoin’s net unrealized profit/loss (NUPL) measure returned to a recovery range but remained below a higher threshold.

By late September, holder cost bases were densely clustered above spot, including a region that had limited September’s advance. Several support layers lay below the market. Third-quarter conditions had shifted from a bottoming period to early recovery, with a constructive fourth-quarter outlook tempered by near-term caution.