Bitcoin Long-Term Holders Resume Accumulation After March Crash

Bitcoin’s long-term holders have resumed accumulation in what is a notable shift in investor sentiment despite the turbulence that has gripped the market

Bitcoin (BTC) price has been subject to immense turbulence in recent weeks, leading many to keep a close eye on how the market is unfolding. A new report from on-chain analytics platform Glassnode sheds light on a crucial aspect of this turbulence—the return of Bitcoin accumulation by long-term holders (LTHs).

As the report highlights, the “BTC: Long-term holder net position change” metric has flipped positive for the first time this year. This shift in the market is significant as it implies that, despite the market downturn, long-term investors are mopping up available Bitcoin at a rapid pace.

Earlier this month, Bitcoin experienced a sharp price decline from above $90,000 to around $80,000 during a period of sustained sell-off. While this price point may seem high to the average trader, it triggered a chain reaction of liquidations among short-term investors who entered at higher levels. However, despite the steep correction, long-term holders, defined by on-chain data as those holding coins for at least 150 days or more, saw the sub-$90,000 levels as a buying opportunity rather than a reason to capitulate.

In other words, coins are moving into wallets that haven’t spent their BTC in a long time, which is a notable reversal after starting 2025 with a negative net position change. This marks the first net accumulation by these “HODLers” in 2025. Glassnode’s Long-Term Holder Net Position Change metric, which had been in the red, flipped “green” as long-term investors aggressively accumulated through the downturn.

On-chain data shows that this flip to green has seen long-term holders increase their net Bitcoin holdings by more than 167,000 BTC in the past month. This notable influx is valued at nearly $14 billion. In short, the cohort of seasoned holders began scooping up cheap BTC while short-term sentiment was at its bleakest.

The timing of this flip from red selloff to green accumulation among long-term holders is striking, considering what the Bitcoin price went through in the past two weeks. This data suggests that a large part of the Bitcoin crash was caused by panic-selling among short-term holders.

This behavior aligns with past market cycles between August and September 2024, where long-term holders accumulated aggressively during a price dip. After reaching a peak of 580,000 BTC in August 2024, their total holdings decreased to 413,000 BTC by September 2024.

Interestingly, Glassnode’s long-term holder metric isn’t the only one pointing to positive Bitcoin sentiment among large holders. After weeks of uncertainty, Bitcoin exchange-traded funds (ETFs) have started seeing net inflows again. On March 17, spot Bitcoin ETFs collectively drew in about $274.6 million, the largest single-day inflow in 28 days and a clear signal of renewed investor interest.

The very next day brought another wave of fresh capital, with roughly $209 million pouring into Bitcoin funds. In fact, this three-day streak represents the first sustained run of positive inflows since February 18, a period during which Bitcoin funds have experienced consecutive days of outflows.