Long-term holders are defined as holding Bitcoin for six months or longer.
This cohort is spending at a profit for the first time since May 2022.
The spending cost basis of LTHs is roughly $28,600; due to the magnitude of this bear market, it is understandable profits are being taken.
LTHs have currently spent around 100,000 Bitcoin in the past few days.
A similar pattern can be seen in 2019 when emerging from the bear market.
LTH: (Source: Glassnode)SOPR and Spending: (Source: Glassnode)
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