According to CryptoQuant analyst @AxelAdlerJr, the Bitcoin supply of long-term holders (those holding Bitcoin for six to two years) has increased by 1.64 million coins, from 3.551 million in April, when the price was around $83,000, to the current 5.191 million. During Bitcoin's all-time high of $118,000, this group's seven-day average spending rose to 20,000 coins, significantly lower than previous peaks of 40,000 to 70,000 coins, indicating that they are currently accumulating rather than distributing large amounts.