According to recent research, individuals who invested in Bitcoin (BTC) in 2020 or later are still holding out for higher prices.
On April 1, insights shared on social media by an on-chain analytics company indicated that a price of $110,000 wasn’t sufficient to motivate many holders to sell.
Investors from 2020 Still Retaining Their Bitcoin
Bitcoin investors who entered the market between three and five years ago have maintained their positions despite significant increases in BTC prices.
This group of investors, whose entry costs range from the 2020 low of $3,600 to the 2021 peak of $69,000, continues to hold on to their assets.
“While the proportion of wealth owned by those who purchased BTC 3–5 years ago has dropped by 3 percentage points since its November 2024 peak, it still remains at historically high levels,” the report noted.
“This indicates that a substantial number of investors who entered between 2020 and 2022 are still holding.”
Data from Bitcoin Realized Cap HODL Waves
The accompanying visual utilizes data from the Realized Cap HODL Waves metric, which divides the BTC supply based on the last movement of each coin on-chain.
This analysis allows for a comparison between buyers from 2020-22 and those who entered the market just before.
“In contrast, more than two-thirds of those who bought BTC 5–7 years ago sold their holdings by the December 2024 peak,” the findings revealed, reflecting their lower acquisition costs.
Speculators Remain Calm Amidst High BTC Prices
As previously reported, more recent investors—part of a more speculative group called short-term holders (STHs)—have shown a greater reaction to the recent volatility in BTC prices.
Related: Bitcoin Sellers Dwindle as Weekly Exchange Inflows Approach Two-Year Low
Instances of panic selling have been observed over the last six months, with BTC/USD reaching new highs followed by declines of up to 30%.
Furthermore, the analysis stated that current STH participation does not indicate a speculative frenzy—unlike what has been seen at previous BTC price cycle peaks.
“Short-Term Holders currently control about 40% of Bitcoin’s network wealth, down from a peak of nearly 50% in early 2025,” it stated, in conjunction with the Realized Cap HODL Waves data released on March 31.
“This is significantly lower than past cycle tops, where new investor wealth reached 70–90%, indicating a more measured and widely distributed bull market thus far.”
Bitcoin Realized Cap HODL Waves
This article does not provide investment advice or recommendations. All trading and investment activities carry risks, and readers are encouraged to conduct thorough research before making decisions.