Bitcoin's Stalwart Holders: Unwavering Belief Amid Market Fluctuations

Bitcoin's Stalwart Holders Stand Firm

Despite market ups and downs, a significant portion of Bitcoin's supply remains untouched by long-term holders (LTHs), defined as those holding BTC for at least 155 days. This unwavering conviction provides insights into the cryptocurrency's long-term prospects.

Glassnode data reveals that 45% of Bitcoin's circulating supply hasn't moved in at least three years, a level consistent since February 2024, shortly after the launch of US Bitcoin ETFs. This is particularly notable considering that three years ago, Bitcoin was priced around $20,000 during the height of the 3AC and Celsius leverage crisis.

Furthermore, 30% of the circulating supply has remained dormant for at least five years, holding steady since May 2024. This suggests a core group of investors are committed to holding their Bitcoin for the long haul.

While some LTHs may be selling as prices increase, as is typical behavior, the overall data indicates that the broader cohort's behavior has remained largely unchanged for over a year. This implies many are patiently awaiting even higher prices before considering further action.

Key Takeaways:

• A substantial portion of Bitcoin's supply is held by long-term investors who haven't moved their coins in years.
• This demonstrates strong conviction in Bitcoin's long-term value, even during periods of market turbulence.
• LTHs appear to be waiting for higher prices before significantly altering their holdings.