Bitcoin Long-Term Holders Maintain Confidence as Market Awaits New Highs
Despite recent bouts of selling, data shows that long-term bitcoin holders remain mostly steadfast, suggesting they’re still betting on higher prices down the road.
Glassnode defines long-term holders (LTHs) as investors who have kept their bitcoin for at least 155 days. While CoinDesk Research notes that some selling pressure has come from these seasoned holders—preventing BTC from reaching fresh all-time highs—the bigger picture reflects strong conviction among this group.
Glassnode’s data indicates that 45% of bitcoin’s circulating supply hasn’t moved in over three years. This figure has held steady since February 2024, not long after the U.S. approved spot bitcoin ETFs, signaling that many holders continue to hold firm despite significant shifts in the market.
For context, three years ago in July 2022, bitcoin hovered around $20,000 as the market reeled from the collapse of firms like 3AC and Celsius. The fact that nearly half of that bitcoin supply remains untouched highlights the patience and resolve of these long-term investors.
Additionally, about 30% of bitcoin’s supply hasn’t been transferred in more than five years, a percentage that’s stayed constant since May 2024. This points to deeply ingrained holding behavior, even as bitcoin’s price has risen.
While some long-term holders have taken profits as prices climbed, broader trends show that most are choosing to stay put. The stability of these holding statistics over the past year suggests many investors are still waiting for further price appreciation before making significant moves.
