Long-Term Bitcoin Holders Retain Investments Despite Price Surges

Bitcoin (BTC) investors who entered the market between 2020 and 2022 are continuing to hold their assets despite significant price increases, according to new research from on-chain analytics firm Glassnode.

In findings published on social media platform X on 1 April, Glassnode revealed that even as Bitcoin reached an all-time high of $109,000, many long-term investors have not cashed out. The firm suggests that the current market remains far from previous cycle tops, where investor behaviour typically signals heightened selling pressure.

Bitcoin Investors Remain Resilient

Bitcoiners who bought into the market between three and five years ago have shown remarkable resilience, retaining their holdings despite major price volatility. This investor group, with a cost basis ranging from the 2020 lows of $3,600 to the 2021 highs of $69,000, continues to hold strong.

Glassnode’s data indicates that the share of Bitcoin wealth held by investors who acquired BTC within this period has only declined by three percentage points since its peak in November 2024. The firm noted: “This suggests that the majority of investors who entered between 2020 and 2022 are still holding.”

An accompanying chart from the Realized Cap HODL Waves metric highlights the distinction between these steadfast investors and those who entered the market before them. This metric tracks Bitcoin supply based on the last time each coin moved on-chain, providing insights into holding patterns.

Earlier Investors Cash Out

In contrast to the behaviour of mid-term holders, Bitcoin investors who bought between five and seven years ago have largely exited their positions. Glassnode’s data shows that more than two-thirds of this group sold their holdings by the peak in December 2024. This trend suggests that earlier investors, who bought Bitcoin at much lower prices, were more inclined to take profits amid the recent price surge.

Short-Term Holders Show Cautious Market Participation

While long-term holders remain largely unaffected by price swings, short-term Bitcoin holders (STHs) have exhibited a more reactive approach to market movements. These more speculative investors have shown sensitivity to Bitcoin’s price volatility over the past six months, leading to instances of panic selling during both highs and corrections.

Despite this, Glassnode reports that current short-term holder participation does not yet indicate a speculative frenzy—an occurrence that typically precedes cycle tops. “Short-Term Holders currently hold around 40% of Bitcoin’s network wealth, after peaking near 50% earlier in 2025,” the firm explained.

Historically, previous Bitcoin bull market peaks have been characterised by new investor wealth reaching levels of 70–90%. In comparison, the present distribution of holdings suggests a more measured and dispersed market growth phase, rather than an overheated speculative cycle.

Market Outlook Remains Strong

Bitcoin’s latest price performance highlights a market still dominated by patient long-term investors. As short-term holders continue to react to price volatility, the absence of widespread speculative behaviour suggests that Bitcoin’s current bull run may have further room for growth before reaching a true cycle peak.

With many investors holding onto their BTC despite record highs, the market appears to be in a more balanced phase compared to previous boom cycles. Whether this trend will continue depends on future market dynamics and how investors react to evolving price movements.