Bitcoin (BTC) Long-Term Holders Continue to Accumulate Despite Recent Price Drop, New Research Shows

Bitcoin's corrective phase set a four-month low at $76,600 on March 11. Despite this decline, long-term holders have continued to hold large amounts of BTC

Bitcoin’s corrective phase set a four-month low of $76,600 on March 11.

Despite this, Long-Term Holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says.

“Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.

Bitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane.

The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.”This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted.

Bitcoin: LTH spending binary indicator. Source: Glassnode

Now, often at the top of a bull market, there is usually an immense level of sell-side pressure and profit-taking activity from LTHs, which signals a complete shift to bearish behavior.

However, despite Bitcoin’s drawdown in recent weeks, this investor cohort continues to hold a large portion of their realized profits, especially for this later stage of the cycle, Glassnode said.

This could suggest that long-term holders may still be expecting more BTC price upside later in the year.

Bitcoin: Cumulative LTH realized profit. Source: Glassnode

New Bitcoin ‘whales’ are rapidly accumulating

Another interesting development is the rapid accumulation by New Bitcoin Whales—addresses holding 1,000 BTC or more, where each coin has an average acquisition age of less than six months. This signals strong conviction in Bitcoin’s long-term outlook among these large investors.

According to CryptoQuant data, these large investors have collectively acquired over 1 million BTC since November 2024, positioning them as one of the most influential market participants.

This pace of accumulation has accelerated in recent weeks, with these new Bitcoin whales accumulating more than 200,000 BTC just this month.

Bitcoin supply held by new whales. Source: CryptoQuant

Recently, several crypto executives told Cointelegraph that Bitcoin’s recent price drop was a normal correction, with the market just waiting for a new narrative and a cycle top yet to come.

However, CryptoQuant founder and CEO Ki Young Ju previously stated that the Bitcoin bull cycle has ended.