According to Glassnode, this investor cohort, with a cost basis from anywhere between the 2020 lows of $3,600 and the 2021 highs of $69,000, is still hodling.“Although the share of wealth held by investors who bought $BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels,” it reports.“This suggests that the majority of investors who entered between 2020 and 2022 are still holding.”Bitcoin Realized Cap HODL Waves data.
Continuing, Glassnode argued that current STH participation does not suggest a speculative frenzy — something common to previous BTC price cycle tops.“Short-Term Holders currently hold around 40% of Bitcoin's network wealth, after peaking near 50% earlier in 2025,” it commented alongside Realized Cap HODL Waves data on March 31. “This remains significantly below prior cycle tops, where new investor wealth peaked at 70–90%, suggesting a more tempered and distributed bull market so far.”Bitcoin Realized Cap HODL Waves.
Using this, Glassnode is able to draw a distinction between the 2020-22 buyers and those who came immediately before them.“In contrast, over two-thirds of those who had bought $BTC 5–7 years ago exited their positions by the December 2024 peak,” it reveals, reflecting their lower cost basis.
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Author / Journalist: Cointelegraph by William Suberg
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