Bitcoin Rallied 10x in 18 Months the Last Time the BTC SLRV Ratio Dropped This Low: Analyst

Bitcoin long-term holders are accumulating the coin at record levels, pushing the SLRV ratio to levels that preceded major price moves.

Crypto firm Rand Group shared this development in a recent X post, citing data from Glassnode. The on-chain analysis shows that the share of realized BTC value in short-term holders’ wallets has continued to decline as supply rotates toward diamond hands.

Key Points

• The share of realized BTC value in short-term holders’ wallets has continued to decline as supply rotates toward diamond hands.
• Bitcoin’s long-term holders (LTHs) now control the largest share of realized value ever recorded.
• The SLRV ratio chart shows a steady rise in long-term holder dominance since peaking at 1 in 2024.
• Bitcoin rallied 10x in 18 months, spurred by the heightening LTH accumulation.

Bitcoin LTHs Control Highest Supply Share in History

According to recent Glassnode data, Bitcoin’s long-term holders (LTHs) now control the largest share of realized value ever recorded. This means that a large chunk of the asset’s circulating supply is now domiciled in wallets that have held for at least 155 days.

Notably, a recent Bitwise report confirmed this. Specifically, addresses in this category now control an unprecedented 14.85 million BTC, representing 74.3% of the coin’s circulating supply.

An accompanying Short-to-Long-Term Realized Value (SLRV) ratio chart shows that older wallets continue to absorb supply while short-term holder market participation remains relatively weak.

The chart highlights a steady rise in long-term holder dominance since the ratio peaked at 1 in 2024. As more Bitcoin moves into dormant wallets, the SLRV ratio drops, currently trading near 0.1.

What It Means for Bitcoin Supply

Growing LTH’s market share implies that the amount of actively circulating supply gradually shrinks. Historically, this type of environment has reduced aggressive sell pressure and strengthened broader market structure over time.

The latest SLRV reading is especially notable as it aligns with the push of long-term holders’ realized value to a new all-time high. That suggests a large portion of the Bitcoin supply now sits with participants who have shown stronger conviction in holding even in the face of market uncertainties.

At the same time, short-term activity remains comparatively muted. This usually reflects a market where speculative momentum has cooled significantly, leaving patient holders in control of supply dynamics.

Interestingly, the current structure resembles previous cycle transition periods. In earlier phases, Bitcoin often spent months moving sideways while long-term market whales quietly accumulated the coin in preparation for the next bull market.

Previous Ratio Dip Sent Bitcoin Flying 

Rand Group highlighted that the last time the Bitcoin SLRV ratio reached current lows, the market reacted bullishly. The chart shows this happened in late 2022 when Bitcoin dipped to $15,000 amid the bear market.

During that period, long-term holders steadily accumulated BTC, pushing the metric to the 0.1 level. Eventually, momentum returned, and Bitcoin entered one of its strongest rallies in history.

The analyst claimed that Bitcoin rallied 10x in 18 months, spurred by the heightening LTH accumulation. However, market data shows that the premier asset managed an over 8x rally from $15,000 to the October 2025 all-time high of $126,220.

Nonetheless, this still represents a massive price move for BTC. For context, if history repeats and the coin rallies 8x from the current price of $77,350, that will take its price to $618,800 per coin.

At the moment, Bitcoin is stuck below the immediate resistance at $81,000 while finding support at the current level. Breaking this resistance paves the way for a rally to higher prices.