Recent Trends in Bitcoin Holdings
Since the beginning of April, bitcoin (BTC) has seen a notable surge in confidence among both short-term and long-term holders. According to data from Glassnode, short-term holders—defined as individuals who have held bitcoin for less than 155 days—tend to be more reactive to market fluctuations. Typically, they buy during periods of market exuberance and sell during downturns. However, in recent weeks, this group seems to have shifted towards becoming value-driven buyers, even as bitcoin currently trades approximately 25% below its all-time high.
Since April commenced, short-term holders have accumulated around 15,000 BTC, bringing their total holdings to just over 3.7 million BTC. It’s important to note that since February, this group has distributed approximately 280,000 BTC, likely a combination of profit-taking following the rally that occurred in November and December, which was largely influenced by the election of President Donald Trump. Additionally, some of this distribution can be attributed to panic selling during bitcoin’s significant 30% drawdown from its January all-time high.
On the other hand, long-term holders—those who have maintained their investments for at least 155 days—have demonstrated an even stronger commitment to bitcoin. Since February, they have increased their holdings by 400,000 BTC, with modest acquisitions occurring this month, resulting in a total of over 13.5 million BTC. This trend indicates a growing conviction among long-term holders, despite the recent stagnation in bitcoin prices.
While bitcoin has remained relatively stable since the start of April, it is noteworthy that the Nasdaq has declined by 3.5% during the same period, with futures indicating a potential further decline of around 3%.
