A report from Glassnode has revealed how the Bitcoin long-term holders hold a notable part of the network wealth even after the selloff.
Bitcoin Long-Term Holders Still Carry 40% Of Realized Cap
In its latest weekly report, the on-chain analytics firm Glassnode has discussed how the profit-taking from the Bitcoin long-term holders this cycle has compared with the historical cycles.
The “long-term holders” (LTHs) refer to one of the two main cohorts that the BTC userbase can be divided into based on holding time. The cutoff for the LTHs is 155 days, meaning an investor has to hold for longer than five months if they have to be counted in the group.
Holders that are yet to mature into the LTHs make up the other side of the sector, known as the short-term holders (STHs). Statistically, the longer an investor holds onto their coins, the less likely they become to sell said coins, so the LTHs generally tend to be more resolute than the STHs.
Though, while these investors do tend to hold strong through periods of volatility, some profit-taking opportunities can be too good for even them to pass on. Historically, the major bull runs have induced significant selloffs from these diamond hands and this cycle hasn’t been any different.
Here is a chart that shows how the cumulative Realized Profit from the LTHs has compared for the various Bitcoin cycles:
Looks like the LTHs have already participated in significant profit-taking this cycle so far | Source: Glassnode's The Week Onchain - Week 11, 2025
Note that the Realized Profit, a measure of the total amount of profit that the LTHs are ‘realizing’ through their transactions, is denoted in BTC here, for a fair comparison across the cycles. Also, the cumulative measure in the chart starts from the point the previous cycle’s all-time high (ATH) was broken.
From the graph, it’s visible that the Bitcoin LTHs have participated in a relatively high amount of profit-taking in the current cycle so far. “Interestingly, the amount of profit realized by LTHs this cycle is within a similar range to previous cycles, evidencing the significant volume of sell-side pressure that the market has absorbed,” notes Glassnode.
While profit-taking has already been of a similar magnitude as the past cycles, another indicator is yet to echo a familiar pattern. The metric in question is the percentage of the Realized Cap held by the LTHs (orange curve in the chart).
The “Realized Cap” is an indicator that basically tells us about how much capital the Bitcoin investors as a whole used to purchase their coins. At present, 40% of this investment is contributed by the LTHs, which is high considering the late-stage that the current cycle is in going by the scale of profit realization.
“This interesting observation may indicate a more unique market dynamic moving forwards, as a relatively large pool of capital remains tightly held,” reads the report.
BTC Price
Bitcoin has slowed to a crawl recently as its price is still trading sideways around the $84,000 level.
The price of the coin seems to be unable to find any break in either direction | Source: BTCUSDT on TradingView
