Insights

📈 Bitcoin Sales at $109K All-Time High 'Significantly Below' Cycle Tops — Research 🚨 Bitcoin investors who bought BTC in 2020 or later are still waiting for higher prices, new research says. In findings published on X on April 1, onchain analytics firm Glassnode revealed that $110,000 was not high enough to make many hodlers sell. 📊 Bitcoiners Still Holding 🔒 Bitcoiners who entered the market between three and five years ago have retained their holdings despite significant BTC price upside. According to Glassnode, this investor cohort, with a cost basis between the 2020 lows of $3,600 and the 2021 highs of $69,000, is still hodling. *📈 Realized Cap HODL Waves Data 📊* Glassnode used the Realized Cap HODL Waves metric to split the BTC supply into sections based on when each coin last moved onchain. This data shows that: - The majority of investors who entered between 2020 and 2022 are still holding. - Over two-thirds of those who had bought BTC 5-7 years ago exited their positions by the December 2024 peak. 🤔 Speculators Stay Cool at BTC Price Highs ❄️ More recent buyers, who form the more speculative investor cohort known as short-term holders (STHs), have proven much more sensitive to recent BTC price volatility. Episodes of panic selling have occurred throughout the past six months as BTC/USD hit new record highs and then fell by up to 30%. *📊 STH Participation 📈* Glassnode said 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. - 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. 🌟 Conclusion 🔍 The research suggests that Bitcoin investors are still waiting for higher prices, and the current price of $110,000 is not enough to make many hodlers sell. The data also shows that short-term holders are not participating in a speculative frenzy, and the bull market is more tempered and distributed.$BTC