The on-chain analytics firm Glassnode has provided insightful analysis regarding the behavior of Bitcoin investors, particularly those who purchased at the recent price peak. Contrary to expectations of capitulation, these investors are demonstrating strong conviction.
3 to 6 Months Old Bitcoin Buyers Exhibit Resilience
In a recent post on X, Glassnode examined various cohorts of Bitcoin investors, focusing notably on the ‘long-term holder’ (LTH) group. This category includes those who have held Bitcoin for over 155 days, thereby indicating a significant level of commitment.
Statistical trends reveal that the longer investors retain their Bitcoin without selling, the less likely they are to divest. Thus, LTHs, characterized by their prolonged holding periods, represent a steadfast faction in the market.
It’s important to highlight that while LTHs have acquired a reputation for their resilience, they are not completely immune to market dynamics. During recent selling waves, this cohort has distributed approximately 2 million BTC, showcasing a willingness to adapt to changing conditions.
The graph above illustrates a sell-off phase followed by a period of re-accumulation, returning LTH supply levels close to pre-distribution figures. Notably, the subsequent wave of distribution between October 2024 and January 2025 is similarly followed by an accumulation trend, suggesting a cyclical stabilization in price action, as noted by Glassnode.
It’s crucial to understand that the rise in LTH supply does not signify current buying activity. Instead, it indicates that recent purchases, made during the last BTC rally exceeding $90,000, have recently met the 155-day holding requirement to be classified as LTHs. Many of these investors may currently find themselves at a loss, yet their commitment to HODLing remains strong.
A particularly interesting group to examine is the 3-month to 6-month holders, who are on the brink of becoming long-term holders. Many in this segment acquired their Bitcoin near the all-time high (ATH), potentially placing them under significant pressure during the current market situation.
However, recent data indicates that this group is also displaying robust conviction, as their overall wealth has continued to rise despite the prevailing market struggles.
It’s worth noting that any weak hands who entered the market at the top would have typically capitulated by now, never making it into this critical 3 to 6 months holding range. The ongoing stability among remaining holders signifies their resilience in the face of market volatility.
Current Bitcoin Price Dynamics
As of this writing, Bitcoin is trading at approximately $84,300, reflecting a decrease of over 3% in the past week.
