Key Insights:

• Approximately 45% of bitcoin supply hasn’t been moved in over three years, consistent with data from February 2024.
• The percentage of five-year unmoved supply has remained steady at 30% since May 2024.

According to data collected from Glassnode, long-term holders, defined as those who have owned bitcoin for at least 155 days, are influencing the market. Recent research indicates that ongoing selling by these long-term investors has played a role in bitcoin not achieving new all-time highs.

Currently, 45% of bitcoin’s circulating supply has remained untouched for at least three years. This figure is identical to what was recorded in February 2024, shortly after the introduction of a U.S. exchange-traded fund.

Further analysis shows that while long-term holders are engaging in selling actions typical when prices rise, their overall behavior remains largely unchanged, suggesting many are waiting for more favorable pricing before making additional moves.

In comparison, three years ago marked a tough time for the market during the crisis stemming from the downfall of major players like 3AC and Celsius when bitcoin traded around $20,000. This underscores the steadfast nature of long-term holders.

Overall, even though trading activity is occurring now, a majority of long-term holders continue to wait for higher targets before tweaking their holdings.