Bitcoin
BTCUSD
investors who acquired BTC in 2020 or later are still anticipating higher prices, according to new research.
In results shared on X on April 1, on-chain analytics firm Glassnode reported that $110,000 was not sufficient to convince many hodlers to sell.
Glassnode: 2020 Bitcoin investors “still holding”
Bitcoin enthusiasts who entered the market three to five years ago have maintained their holdings despite considerable BTC price increases.
Glassnode notes that this group of investors, with a cost basis ranging from the 2020 lows of $3,600 to the 2021 highs of $69,000, continues to hold onto their assets.
“Although the share of wealth owned by investors who purchased $BTC 3–5 years ago has dropped by 3 percentage points since its peak in November 2024, it remains at historically high levels,” they stated.
“This indicates that the majority of investors who entered the market between 2020 and 2022 are still holding.”
A related chart displays data from the Realized Cap HODL Waves metric, which breaks down the BTC supply into segments based on when each coin was last transacted on-chain.
By utilizing this data, Glassnode distinguishes between buyers from 2020-22 and those who entered the market before them.
“In contrast, over two-thirds of those who purchased $BTC 5–7 years ago sold their holdings by the December 2024 peak,” the report reveals, highlighting their lower cost basis.
Speculators remain steady during BTC price peaks
As reported by Cointelegraph, more recent investors, classified as short-term holders (STHs), have shown much higher sensitivity to recent BTC price fluctuations.
Panic selling has been witnessed over the past six months as
BTCUSD
reached new peak values and then dropped by up to 30%.
Additionally, Glassnode mentioned that the current level of STH activity does not indicate a speculative rush, which has been typical at previous BTC price cycle peaks.
“Short-Term Holders currently control around 40% of Bitcoin’s network wealth, having previously peaked near 50% earlier in 2025,” they noted, referencing the Realized Cap HODL Waves data as of March 31.
“This is significantly lower than in past cycle peaks, where new investor wealth surged to 70–90%, suggesting a more moderated and distributed bull market thus far.”
This article does not constitute investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own due diligence when making decisions.
