Old-Guard BTC Investors Expand Holdings Despite Large-Scale Selling

Despite concerns over whale distributions, on-chain data shows long-term bitcoin holders continue to strengthen their position.

According to Glassnode’s HODL Waves, coins held between 7–10 years now represent 8.1% of circulating supply, the highest since 2019. The 10+ year band has also grown steadily, controlling nearly 17% of supply, underscoring persistent accumulation by the oldest investor cohorts.

This runs counter to the dominant market narrative focused on OG whales selling into strength. High-profile transfers, such as Galaxy’s facilitation of an 80,000 BTC transaction, and selling triggered after BTC crossed $100,000, have drawn attention. Yet, the data indicates these sales are not overwhelming the market.

Meanwhile, the 5–7 year cohort has seen its share halved from 10% to 5% since early 2023, reflecting steady distribution from those who bought during the 2019–2020 cycle.

Overall, while some selling is evident, long-term holders remain in accumulation mode, tempering fears of widespread old-wallet liquidation.