Bitcoin (BTC) accumulation by long-term holders has risen to a record, rapidly reshaping market supply toward long-term holding. The SLRV indicator, which shows the realized value ratio of short-term to long-term holders, has also fallen to levels seen just before past bull markets, drawing market attention.

On May 20 (local time), blockchain media outlet The Crypto Basic reported that crypto research firm Land Group, citing Glassnode data, analysed that the share of realized value held in short-term holder wallets is steadily declining. That means the amount of bitcoin actively traded in the market is shrinking and supply is moving to wallets with a long-term holding tendency.

Under Glassnode’s definition, long-term holders are addresses that have held bitcoin for at least 155 days. These long-term holders currently account for the largest share of bitcoin’s realized value, the data showed.

Bitwise also confirmed a similar trend. Its report said long-term holder wallets currently hold about 14.85 million BTC, which is about 74.3 percent of total circulating supply.

The market is paying particular attention to moves in SLRV (Short-Term to Long-Term Realized Value). The indicator shows the realized value ratio between short-term and long-term holders and has recently fallen to around 0.1. SLRV once rose to near 1 in 2024, but has declined steadily as the dominance of long-term holders has continued to widen. The analysis says older wallets are absorbing supply while short-term holders’ market participation is relatively weak.

Such a structure has repeatedly appeared in the past before sharp price swings. The explanation is that as active selling pressure eases and circulating supply declines, the likelihood of higher price volatility increases.

Land Group pointed to late 2022’s bear-market phase as the last time the current SLRV level appeared. At the time, bitcoin fell to about $15,000, but after long-term holders continued to accumulate, it shifted into a strong upward phase.

Bitcoin later rose to a record high of $126,220 in October 2025. Some analysts described it as bitcoin rising 10-fold over 18 months after long-term holder accumulation, but the actual gain was about eight-fold.

Bitcoin is currently moving below the $81,000 resistance level as it searches for direction. The market sees that additional upside could grow if it breaks through this zone. Still, a recovery in short-term buying remains limited. As a result, the key variable ahead is whether long-term holders will continue to absorb supply.

The industry is focusing on how the current market structure is shifting from short-term speculation to long-term accumulation. In particular, long-term holders’ realized value hitting a record high is interpreted as meaning that investors with strong conviction are steadily accumulating even amid market uncertainty.