Glassnode data shows that long-term bitcoin (BTC) holders are continuing to grow their share of supply, challenging the narrative of broad OG selling.
HODL Waves, which visualize BTC distribution by coin age, reveal that coins held 7–10 years now account for over 8.1% of total supply, the highest level since 2019. Meanwhile, the 10+ year cohort continues to expand, controlling roughly 17% of supply, indicating sustained accumulation among the oldest holders.
Recent headlines have highlighted large transactions, including Galaxy moving 80,000 BTC, and selling activity following BTC surpassing $100,000. However, the broader picture shows that while some long-term holders are selling, the overall supply held by older cohorts is rising.
By contrast, 5–7 year holders have declined from 10% to 5% of supply, likely distributing coins purchased during the 2019–2020 Covid crash near $3,000.
In short, long-term holders remain a stabilizing force, even as mid-term holders take profits.
