The price of Bitcoin over the weekend seemed set to drop below the psychological level of $75,000 on Saturday morning. However, the top cryptocurrency has recovered somewhat and is looking to recoup $77,000 as of this writing. At the same time, the day also saw an enhance in supply from long-term Bitcoin investors, although the signal may not be what it seems.

Here’s why BTC LTH supply data is skewed

In a recent post on Platform X, a pseudonymous Darkfost analyst revealed a acute enhance in the supply of Bitcoin held by long-term holders (LTH) over the past few days. However, this alleged enhance in LTH activity may not be as critical to BTC growth as the data usually suggests.

Highlighting data from CryptoQuant, Darkfost shared that the supply of long-term holders increased from 15 million to 15.8 million BTC in the last two days. The network analyst noted that this indicator is among numerous data points affected by Coinbase’s move of around 800,000 BTC in November 2025.

Between November 22 and 23, the US-based cryptocurrency exchange shuffled 800,000 BTC (worth almost $70 billion at the time) between its internal wallets. As Darkfost mentioned, this maintenance transfer destroyed the venerable LTH UTXO (unspent transaction results) and created up-to-date but skewed Bitcoin data sets.

A cryptocurrency analyst wrote on X:

As a result, cross-platform datasets accounted for this movement, impacting UTXO-based metrics, age and value cohorts, STH/LTH cost basis, realized value, volumes, and more.

On Saturday, May 23, six months passed since the Bitcoin transfer, and the transferred BTC has already been fully transferred from the short-term holder (STH) to the long-term holder’s supply.

Typically, an enhance in LTH supply signals increased accumulation and growing confidence among the most experienced cryptocurrency investors. However, market participants may want to be cautious when making decisions based on this on-chain signal, given that it does reflect an enhance in investor demand.

What’s next for Bitcoin’s price?

In a separate post on the X Darkfost platform identified another critical resistance level for Bitcoin price. Highlighting CPK’s cost basis, the analyst said that resistance is currently just above the $80,000 level.

According to Darkfost, it appears that short-term investors prefer to cut their losses rather than wait for a turnaround, as evidenced by the resistance that Bitcoin’s price is facing on an average cost basis. Therefore, the most critical cryptocurrency needs to permanently break the $80,000 ceiling in order for it to continue its path of rebirth.

At the time of writing, BTC is trading at around $76,490, reflecting a 1% price enhance over the last 24 hours.

Featured image from iStock, chart from TradingView