The relative supply held by LTH and STH tells us an interesting story about #Bitcoin:

1. Over 16.8% of the $BTC supply was spent in the last 5mths and returned to profit at the recent $52.8k high.

2. Long-term holders now own 79.5% of the $BTC supply, equivalent to Oct 2020.

This suggests that many coins changed hands during the recent consolidation in $29k to $40k range. It also indicates $BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a 50%+ drawdown. Note, some of these coins are likely held by GBTC and custodians