Bitcoin (Btc) Investors who bought BTC in 2020 or later are still awaiting higher prices, says new research.
To the findings Na -published in x On April 1, the Onchain Analytics Firm Glassnode revealed that $ 110,000 was not high enough to make multiple hodlers to sell.
Glassnode: 2020 Bitcoin Buyer “still hold”
Bitcoiners who entered the market between three and five years ago maintain their holdings despite the significant BTC prices.
According to Glassnode, this investor’s cohort, with a basis between 2020 lows of $ 3,600 and the 2021 highs of $ 69,000, is still.
“Although the portion of the wealth held by investors who bought $ BTC 3-5 years ago denied 3 percent points since November 2024 peak, it remains at levels raised in history,” he said.
“This indicates that most investors who enter between 2020 and 2022 still remain.”
Bitcoin realizes Cap Hodl Waves data. Source: Glassnode
An accompanying chart shows data from the realized Cap Hodl Waves metric, which divides BTC supply into sections based on when each coin last moves to onchain.
With this, the glassnode can draw a difference between consumers of 2020-22 and those who have come before them.
“In contrast, more than two-thirds of those who bought $ BTC 5-7 years ago their positions came out at the peak of December 2024,” he declared, reflecting their lower basis.
Speculators stay cool at high btc prices
Number Cointelegraph reported.
Related: ‘Bitcoin Sellers’ Dry Up’ as weekly exchange inflows near 2-year low
Panic seller episodes occurred over the past six months while BTC/USD hit new record highs and then fell up to 30%.
Continuing, Glassnode said STH’s current participation does not suggest a speculation -haka frenzy – something common to the previous BTC prices.
“Short -term holders are currently holding around 40% of Bitcoin network wealth, after release near 50% earlier in 2025,” this SaysNext to the realized Cap Hodl Waves data on March 31.
“It remains significant below the earlier rotation of the tops, where new investor resources have sank 70-90%, suggesting a more annoying and distributed bull market to this day.”
Bitcoin realizes the waves of Cap Hodl. Source: Glassnode
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