On-chain data from Glassnode reveals that Bitcoin long-term holders now control more than 20% of the total BTC supply, a level notably above previous market cycles. The analytics firm defines long-term holders as addresses that have not moved coins for at least 155 days, and it reports that this cohort has been steadily accumulating since January. The pattern, according to Glassnode, mirrors accumulation phases seen during the 2022 bear market, when conviction-driven buyers absorbed supply and preceded eventual market recoveries.
The significance of the 20% threshold is that it reduces the amount of Bitcoin available for trading. Analysts view such accumulation as a bullish signal because holders with strong conviction are less likely to sell in the short term, lowering selling pressure and supporting price stability. Glassnode has previously noted that market bottoms often form when profit-taking by short-term holders slows and long-term buyers step in.
Separately, crypto analyst Murphy highlighted that Bitcoin’s sharp rally from $64,000 to $75,000 was underpinned by a robust holder base. More than 2 million BTC were accumulated in the $62,000–$64,000 range, creating a strong support zone. During the three-day surge, holdings around $63,000 barely moved, and selling pressure in the $68,000–$74,000 range remained limited, suggesting that even buyers at higher levels were not rushing to exit.
Murphy cautioned, however, that some holdings have shifted to selling after the rally. This could introduce new supply and lead to a period of sideways trading or a price pullback. Investors are advised to monitor these on-chain dynamics alongside broader market conditions, regulatory developments, and macroeconomic factors.
