The Bitcoin network is witnessing a historic shift in ownership dynamics, with long-term holders now in control of 75% of the total circulating supply—a record high that underscores growing confidence and reduced market liquidity. According to on-chain analytics from Glassnode, the balance held in wallets that have not moved their coins for at least 155 days has surged this month by 62,882 BTC, valued at approximately $1.83 billion, reaching a new peak of 14.52 million BTC.
This surpasses the previous all-time high of 14.48 million BTC recorded on May 21, signaling a deepening trend of accumulation among mature investors. With the total circulating supply sitting at 19.437 million BTC, this concentration suggests a significant portion of Bitcoin is effectively being removed from active trading circulation.
👉 Discover how long-term Bitcoin accumulation impacts market volatility and price trends.
What Defines a Long-Term Holder?
In blockchain analytics, a long-term holder (LTH) is typically defined as an address that has held its Bitcoin for at least 155 days without moving it. This metric is widely used to distinguish between speculative traders and those with a strategic, buy-and-hold mindset.
Glassnode’s data reveals that this group now controls the largest share of Bitcoin ever recorded. Their growing dominance reflects a maturing market where conviction in Bitcoin’s long-term value proposition continues to strengthen.
Why 155 Days Matters
The 155-day threshold is not arbitrary. It helps differentiate between:
- Short-term traders who frequently move coins.
- Investors who are likely holding through market cycles, unaffected by short-term price swings.
When long-term holders increase their share of supply, it often indicates reduced selling pressure, which can contribute to tighter supply dynamics and potentially fuel future price appreciation.
Declining Liquidity, Rising Conviction
One of the most significant implications of this trend is the decline in Bitcoin’s market liquidity. As more coins are held for longer durations, fewer are available for trading on exchanges and in active circulation.
Glassnode notes that the flow of Bitcoin into illiquid wallets—those with minimal transaction history—remains strong. In fact, over 90,000 BTC have flowed into such addresses this month alone. These "illiquid entities" typically represent:
- Long-term investors
- Institutional holders
- Lost or dormant wallets
This steady accumulation suggests that despite macroeconomic uncertainty and market volatility, confidence in Bitcoin as a store of value remains robust.
Market Implications of Reduced Sell-Side Pressure
When sell-side pressure weakens:
- Price volatility may decrease over time.
- Upward price movements can occur more rapidly when demand increases.
- Market corrections may be less severe due to fewer panic-driven sell-offs.
As fewer coins are available for sale, even modest increases in buying interest can lead to outsized price reactions—a dynamic often observed during bull markets.
👉 Learn how on-chain data can help predict Bitcoin’s next major price move.
HODLing as a Dominant Market Behavior
The term "HODL", originally a misspelling of "hold," has evolved into a cultural and strategic mantra within the crypto community. Glassnode captured this sentiment succinctly in a tweet:
"This suggests HODLing is the preferred market dynamic amongst mature investors."
This behavior is no longer anecdotal—it's quantifiable. The fact that three-quarters of all existing Bitcoin are now held by long-term owners reflects a fundamental shift in how the asset is perceived: less as a speculative instrument, more as digital gold or long-term wealth preservation.
Who Are These Long-Term Holders?
While exact identities remain anonymous due to blockchain privacy, we can infer several key groups:
- Early adopters who bought during previous cycles and have never sold.
- Institutional investors using custodial solutions to hold large positions securely.
- Self-sovereign individuals practicing personal custody via hardware wallets.
- Crypto-native companies holding Bitcoin on their balance sheets.
Their collective behavior reinforces network security and economic stability by reducing circulating float.
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Frequently Asked Questions (FAQ)
What percentage of Bitcoin is currently held by long-term holders?
As of the latest Glassnode data, 75% of the total circulating Bitcoin supply—approximately 14.52 million BTC—is held by addresses that have not moved their coins in at least 155 days.
Why does long-term holding affect Bitcoin’s price?
When more Bitcoin is held long-term, less is available for trading. This reduces market liquidity and increases scarcity. With lower sell-side pressure, even moderate demand can drive significant price increases.
What is considered “circulating supply” in Bitcoin?
Circulating supply refers to the total number of Bitcoin that are currently in public hands and accessible for trading. It excludes lost coins or those locked in unspendable addresses, and is distinct from the maximum supply cap of 21 million.
How does Glassnode track long-term holder activity?
Glassnode uses on-chain analysis to monitor transaction timestamps and wallet activity. By identifying when coins were last moved, they classify addresses based on holding duration, enabling insights into investor behavior and market trends.
Is this level of long-term holding sustainable?
Historically, periods of high HODLing have preceded major bull runs. While no trend lasts forever, the current behavior reflects growing maturity in the ecosystem and could persist through multiple cycles, especially with increasing institutional participation.
What happens when long-term holders start selling?
A large-scale sell-off by long-term holders could increase market supply and trigger short-term price declines. However, such events are typically gradual and often followed by renewed accumulation once prices stabilize.
👉 Stay ahead of market shifts with real-time on-chain insights and trading tools.
Conclusion
The fact that 75% of all Bitcoin is now under long-term control marks a pivotal moment in the asset’s evolution. It reflects deepening trust in Bitcoin’s role as a decentralized, scarce digital asset capable of preserving value across economic cycles.
With sell-side pressures diminishing and illiquid supply growing, the stage may be set for tighter markets and heightened price sensitivity to demand fluctuations. For investors, understanding these on-chain dynamics offers valuable insight into future volatility, accumulation patterns, and potential breakout opportunities.
As the ecosystem matures, tools like those provided by Glassnode continue to empower users with transparent, data-driven perspectives—helping both newcomers and veterans navigate the complex world of cryptocurrency with greater clarity and confidence.