Bitcoin Veterans Hold Firm, Indicating Long-Term Faith

Bitcoin’s Long-Term Investors Stand Firm as Market Eyes Future Gains

Although recent selling has pressured the market, data shows that bitcoin’s long-term holders remain largely unfazed, suggesting confidence that prices still have room to climb.

Glassnode defines long-term holders (LTHs) as those who have held bitcoin for at least 155 days. According to CoinDesk Research, some of the selling that has prevented BTC from reaching new record highs has come from this group. Still, the broader trend points to persistent conviction among these investors.

Data from Glassnode reveals that 45% of bitcoin’s total circulating supply has stayed untouched for more than three years. This percentage has remained steady since February 2024, shortly after spot bitcoin ETFs were approved in the United States, reflecting the ongoing determination of holders who have weathered significant market events.

For perspective, three years ago in July 2022, bitcoin’s price hovered near $20,000 amid market chaos caused by collapses such as 3AC and Celsius. The fact that nearly half the supply from that turbulent period remains unmoved underscores the patience and resolve of long-term investors.

Furthermore, about 30% of bitcoin’s supply hasn’t changed hands in over five years—a figure that’s been consistent since May 2024. This suggests deeply entrenched holding behavior, even as bitcoin’s price has risen.

While some long-term holders have been cashing out to secure profits as prices rise, overall data shows that most continue to hold. The consistency of these holding levels over the past year indicates that many are still waiting for even higher prices before making significant moves.