Highlighting data from CryptoQuant, Darkfost shared that the long-term holder supply has increased from 15 million to 15.8 million BTC over the past two days. The on-chain analyst noted that this metric is among the numerous data points affected by Coinbase’s movement of roughly 800,000 BTC in November 2025.
Between November 22nd and 23rd, the US-domiciled crypto exchange shuffled 800,000 BTC (worth nearly $70 billion, at the time) between its internal wallets. As Darkfost mentioned, this maintenance transfer destroyed old LTH UTXOs (unspent transaction outputs) and created new but skewed Bitcoin datasets.
The crypto analyst wrote on X:
As a result, datasets across multiple platforms incorporated this movement, affecting UTXO-based metrics, age and value cohorts, STH/LTH cost basis, realized value, volumes, and more.
Saturday, May 23rd marked six months since the Bitcoin transfer, with the moved BTC now fully transitioned from the short-term holder (STH) to the long-term holder supply.
What’s Next For Bitcoin Price?According to Darkfost, the short-term investors seem to be choosing to cut their losses rather than holding for a reversal, as evidenced by resistance the Bitcoin price faces at their average cost basis. Hence, the premier cryptocurrency needs a sustained break above the $80,000 ceiling for its recovery journey to continue.
As of this writing, BTC is valued at around $76,490, reflecting a 1% price increase in the past 24 hours.
