Bitcoin investors who entered the market in 2020 or later are still holding onto their BTC despite the recent surge in prices, according to new research from onchain analytics firm Glassnode. The study, published on April 1, revealed that even at a price of $110,000, many hodlers are not willing to sell.

The data, gathered from Glassnode’s Realized Cap HODL Waves metric, shows that investors who bought BTC between three and five years ago are still holding onto their coins. This group includes those who bought at the 2020 lows of $3,600 and the 2021 highs of $69,000.

While the share of wealth held by these investors has declined slightly since the peak in November 2024, it remains at historically high levels. This suggests that the majority of investors who entered the market between 2020 and 2022 are still holding onto their BTC.

In contrast, the data also shows that over two-thirds of those who bought BTC five to seven years ago have already sold their positions. This reflects their lower cost basis compared to the more recent buyers.

Glassnode also noted that current short-term holders (STHs), who are more speculative investors, have been more sensitive to recent price volatility. However, their participation in the market does not suggest a speculative frenzy, as seen in previous BTC price cycles.

The data shows that STHs currently hold around 40% of Bitcoin’s network wealth, which is significantly lower than previous cycle tops where new investor wealth peaked at 70-90%. This indicates a more tempered and distributed bull market so far.

Overall, the data suggests that Bitcoin investors are holding onto their coins for the long term, even as prices continue to rise. This is in contrast to previous cycles where investors were more likely to sell at higher prices.

It’s important to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making any decisions.