Bitcoin gross sales at $109K all-time excessive ‘considerably under’ cycle tops — Analysis

Bitcoin (BTC) traders who purchased BTC in 2020 or later are nonetheless ready for greater costs, new analysis says.

In findings printed on X on April 1, onchain analytics agency Glassnode revealed that $110,000 was not excessive sufficient to make many hodlers promote.

Glassnode: 2020 Bitcoin patrons “nonetheless holding”

Bitcoiners who entered the market between three and 5 years in the past have retained their holdings regardless of important BTC worth upside.

In keeping with Glassnode, this investor cohort, with a value foundation between the 2020 lows of $3,600 and the 2021 highs of $69,000, continues to be hodling.

“Though the share of wealth held by traders who purchased $BTC 3–5 years in the past has declined by 3 share factors since its November 2024 peak, it stays at traditionally elevated ranges,” it mentioned.

“This means that almost all of traders who entered between 2020 and 2022 are nonetheless holding.”

An accompanying chart reveals knowledge from the Realized Cap HODL Waves metric, which splits the BTC provide into sections primarily based on when every coin final moved onchain.

Utilizing this, Glassnode is in a position to attract a distinction between the 2020-22 patrons and those that got here instantly earlier than them.

“In distinction, over two-thirds of those that had purchased $BTC 5–7 years in the past exited their positions by the December 2024 peak,” it reveals, reflecting their decrease value foundation.

Speculators keep cool at BTC worth highs

As Cointelegraph reported, more moderen patrons, who kind the extra speculative investor cohort referred to as short-term holders (STHs), have confirmed rather more delicate to current BTC worth volatility.

Associated: Bitcoin sellers ‘dry up’ as weekly change inflows close to 2-year low

Episodes of panic promoting have occurred all through the previous six months as BTC/USD hit new file highs after which fell by as much as 30%.

Persevering with, Glassnode mentioned that present STH participation doesn’t recommend a speculative frenzy — one thing frequent to earlier BTC worth cycle tops.

“Brief-Time period Holders at the moment maintain round 40% of Bitcoin’s community wealth, after peaking close to 50% earlier in 2025,” it mentioned, alongside Realized Cap HODL Waves knowledge on March 31. 

“This stays considerably under prior cycle tops, the place new investor wealth peaked at 70–90%, suggesting a extra tempered and distributed bull market thus far.”

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.