Long-Term Bitcoin Holders Remain Resolute as Market Eyes Higher Prices

Despite recent selling activity, data suggests that long-term bitcoin holders remain largely unmoved—an indication that many are still anticipating higher price levels.

According to Glassnode, long-term holders (LTHs) are defined as investors who have held bitcoin for at least 155 days. CoinDesk Research notes that some of the selling pressure preventing bitcoin (BTC) from breaking through to new all-time highs has come from this very group.

However, a broader view of the data reveals a more resilient picture. Glassnode reports that 45% of bitcoin’s circulating supply hasn’t moved in over three years—a figure unchanged since February 2024, just one month after the U.S. approved spot bitcoin ETFs. This highlights the continued conviction among holders who have withstood significant market events.

To put it in perspective: three years ago, in July 2022, bitcoin was trading around $20,000 during the market turmoil caused by the collapse of firms like 3AC and Celsius. That nearly half the supply from that period remains untouched underscores the patience and belief of long-term investors.

Additionally, 30% of BTC supply has not moved in over five years—a figure that has held steady since May 2024. This suggests deep-rooted holding behavior, despite rising prices.

While it’s true that some long-term holders are taking profits as prices climb, the overall trend shows that the majority are staying the course. The consistency of these metrics over the past year indicates that many long-term investors are still waiting for stronger price rallies before making major moves.