- Bitcoin investors who bought between 2020 and 2022 are largely holding on to their investments despite BTC reaching $110,000.
- Analysis from Glassnode indicates that investors with an entry point between $3,600 and $69,000 have maintained their positions despite recent price volatility.
- Current short-term holder participation remains below previous cycle peaks, suggesting a more tempered bull market compared to past cycles.
Recent analysis reveals that Bitcoin (BTC) investors who entered the market in 2020 or later continue to hold their assets despite recent price increases to all-time highs. According to research published by Glassnode on April 1, many investors are still waiting for higher prices before selling.
Data published on X by the onchain analytics firm shows that even BTC’s climb to $110,000 wasn’t enough to trigger widespread selling among investors who purchased during the 2020-2022 period. “Although the share of wealth held by investors who bought $BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels,” Glassnode reported.
Using the Realized Cap HODL Waves metric, which categorizes Bitcoin supply based on when coins last moved onchain, Glassnode identified clear differences in behavior between investor cohorts. While those who bought between 2020 and 2022 (with cost bases between $3,600 and $69,000) have largely maintained their positions, investors who purchased 5-7 years ago behaved differently. “Over two-thirds of those who had bought $BTC 5–7 years ago exited their positions by the December 2024 peak,” the firm noted.
Short-Term Investor Behavior Remains Measured
More recent Bitcoin buyers, classified as short-term holders (STHs), have shown greater sensitivity to price volatility. These investors have experienced episodes of panic selling over the past six months as Bitcoin reached new record highs and subsequently fell by as much as 30%.
However, Glassnode’s analysis indicates that current speculative participation remains below levels typical of previous market cycle peaks. “Short-Term Holders currently hold around 40% of Bitcoin’s network wealth, after peaking near 50% earlier in 2025,” the firm stated on March 31.
This figure contrasts sharply with previous bull market peaks, where new investor wealth typically reached 70-90% of the network’s value. This suggests the current bull market has been more measured and distributed across investor types than previous cycles.
Historical Patterns Provide Context
The Realized Cap HODL Waves data presented by Glassnode offers valuable insights into investor behavior across different market cycles. The metric helps distinguish between long-term investors who bought at lower prices and newer market participants with higher cost bases.
The current pattern suggests a maturing market where long-term holders maintain significant influence despite price volatility. This behavior could indicate growing confidence in Bitcoin’s long-term value proposition among those who entered the market during or after 2020.
This analysis comes amid reports that Bitcoin sellers are “drying up,” with weekly exchange inflows approaching two-year lows, as previously reported by Cointelegraph.
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