Bitcoin Hodlers Unfazed by $110K Highs
New research from on-chain analytics firm Glassnode indicates that Bitcoin (BTC) investors who acquired their holdings in 2020 or later are holding onto their investments despite recent price increases. Even when BTC reached prices around $110,000, these long-term holders showed remarkable resilience and didn't significantly sell off.
Long-Term Bitcoin Holders Remain Steadfast
Glassnode's analysis shows that Bitcoin investors who entered the market between three and five years ago—with a cost basis ranging from the 2020 lows of $3,600 to the 2021 highs of $69,000—are still holding a significant portion of their BTC. While their share of overall network wealth has slightly decreased since November 2024, it remains historically high. This suggests that the majority of investors who bought between 2020 and 2022 are still hodling.
In contrast, the study reveals that investors who bought Bitcoin 5-7 years prior to this period sold off a much larger percentage of their holdings by December 2024, highlighting the impact of differing cost bases on investment strategies.
Short-Term Holders Show Increased Volatility
The research highlights a significant difference between the behavior of long-term and short-term holders (STHs). Recent buyers, categorized as STHs, exhibited more sensitivity to price fluctuations, engaging in panic selling during periods of volatility. This contrasts sharply with the behavior of long-term holders, who remained largely unaffected by price movements.
Glassnode's data indicates that STHs currently hold approximately 40% of Bitcoin's network wealth, a significant decrease from the peak of nearly 50% earlier in 2025. This level is considerably lower than previous cycle tops, where STH wealth peaked at 70-90%, suggesting a less speculative market this time around.
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Disclaimer: This article does not provide financial advice. Conduct thorough research before making any investment decisions.