Bitcoin investors (BTC) who bought BTC in 2020 or later still expect higher prices, according to new research.
In the results published on X on April 1, ONCHAIN GLASSNODE’s analysis company revealed that $ 110,000 were not high enough to sell many Hodlers.
Glassnode: 2020 Bitcoin Buyers “still in clothes”
The bitcoiners who entered the market between three and five years old kept their assets despite a significant BTC price.
According to Glassnod, this cohort of investors, with a cost base between the stockings of $ 3,600 and the summits of $ 69,000 2021, is still sowing.
“Although the share of wealth held by investors who bought $ 3 to 5 years ago has decreased by 3 percentage points since its peak in November 2024, it remains at historically high levels,” he said.
“This suggests that the majority of investors who entered between 2020 and 2022 are still holding.”
Bitcoin made CAP Hodl data. Source: Glassnode
An accompaniment graph shows the data from the HODL CAP Metric Metrics produced, which divides the BTC power supply into sections according to the moment when each part has moved the last time.
Using this, Glassnode is able to distinguish between buyers from 2020-2022 and those who came immediately before them.
“On the other hand, more than two-thirds of those who bought $ 5 to 7 years ago left their positions by the peak of December 2024,” he reveals, reflecting their lower cost base.
Speculators remain at the expense of the prices of the BTC prices
As Cintelelegraph reported, more recent buyers, who form the cohort of more speculative investors called short -term holders (STHS), have proven to be much more sensitive to the recent BTC prices volatility.
In relation: Bitcoin sellers “dry” like weekly exchange entries almost 2 years below
Panic sales episodes have taken place in the past six months, because BTC / USD has reached new records, then dropped to 30%.
Continuing, Glassnode said that STH’s current participation does not suggest a speculative frenzy – something in common at the top of the previous BTC price cycle.
“Short-term holders are currently holding around 40% of the wealth of the Bitcoin network, after peaking almost 50% earlier in 2025,” he said, alongside Cap Hodl Waves on March 31.
“This remains significantly lower than the top of the previous cycle, where the new wealth of investors has peaks at 70 to 90%, suggesting a more temperate market and distributed so far.”
Bitcoin made the Hodl Cap waves. Source: Glassnode
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
