According to glassnode, Bitcoin's long-term holder (LTH) supply increased from 13.66 million BTC in mid-March to 14.29 million BTC, but has recently declined for the second time in May. Additionally, LTH spending has risen to 0.43. Historically, such inflections in LTH supply and spending can precede local market tops, making these on-chain metrics critical for traders to monitor for potential trend reversals (source: glassnode, May 14, 2025).