There is a new record divergence between long term holder and short term holder supply right now and the long-term holders by a mile.

If you look back, Crypt or just any financial market is just a big battlefield between long-term holders and short-term holders, also called LTH and STH. LTH means for the on-chain, people that did not move their coins in over 6 months and vice versa for STH. Those both switch up to dominate the market and not-so surprisingly this coincides with bear market and bull market cycles.

In bull markets usually short-term holders dominate as they are getting ready to sell at some profit, and you guessed it right, in bear markets long-term holders dominate as the STH bitcoin supply already is exhausted but also because many are at losses and wont sell until their next break even.

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Chart from Glassnode edited by James V. Straten on Twitter

This chart shows how currently there is a record divergence between LTH supply, STH supply and the long-term holders are winning. 78% of the Bitcoin supply is dominated by LTH while a record low of 22% is dominated by STH. It is as said very typical for a bear market to have LTH increasing and STH decreasing but this record just demonstrates how the conviction in Crypto is ever-increasing.

It is also important to point out that we hit LTH supply ATHs during the past cycles right during the bottom formation, meaning that if the bottom is not already in, it will be very soon and the fact that we are 40% off recent lows just increases the probability for a bottom to be already in according to this on-chain metric of long-term holders vs short-term holders.