Recent research indicates that Bitcoin holders from the 2020–2022 period continue to retain their assets despite substantial price increases, even when BTC reached $109,000. Onchain analytics firm Glassnode released findings on April 1, revealing that current price levels have not been sufficient to prompt widespread selling among midterm investors.
According to Glassnode, Bitcoin investors who acquired BTC between three and five years ago, at prices ranging from the 2020 lows of $3,600 to the 2021 highs of $69,000, are largely maintaining their holdings. The firm's analysis suggests that this group remains historically strong in its commitment to holding despite market fluctuations.
“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,” Glassnode stated. “This suggests that the majority of investors who entered between 2020 and 2022 are still holding.”
Glassnode's findings are based on the Realized Cap HODL Waves metric, which categorizes Bitcoin's supply by the last time each coin was moved on-chain. This data shows that investors from the 2020–2022 period remain significant market participants, whereas those who entered five to seven years ago largely exited their positions by December 2024.
“In contrast, over two-thirds of those who had bought BTC 5–7 years ago exited their positions by the December 2024 peak,” Glassnode reported, highlighting the distinction between older and more recent investor cohorts.
Short-term holders, representing more speculative investors, have demonstrated a higher sensitivity to BTC price volatility. Glassnode’s analysis found that STH participation levels do not currently indicate excessive speculative activity, which has been common in previous Bitcoin price cycles.
“Short-Term Holders currently hold around 40% of Bitcoin’s network wealth, after peaking near 50% earlier in 2025,” Glassnode reported, citing Realized Cap HODL Waves data from 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.”
Despite reaching new all-time highs, Bitcoin's current market behavior suggests a more measured bull run compared to previous cycles. With long-term holders maintaining positions and speculative activity remaining subdued, analysts will continue monitoring on-chain data for further insights into investor behavior and market trends.