Bitcoin Long-Term Holders Reach Record 14.7 Million BTC Amid Strong Market Sentiment

Glassnode has reported that the number of Bitcoin held by long-term holders has reached a record high of 14.7 million BTC. These holders are defined as investors who have held their Bitcoin for over 155 days and are unlikely to sell based on historical data. The majority of these Bitcoins were acquired around the $100,000 price level and remain dormant, indicating a strong overall market sentiment towards holding onto Bitcoin.

This significant milestone reflects a growing conviction among long-term investors to hold onto their assets rather than sell. The surge in long-term holder supply to 14.7 million BTC, coupled with historically low realized profits, underscores a limited desire to sell, even as Bitcoin trades near record levels. This trend is further supported by the Liveliness metric, which continues to decline, reinforcing that older coins remain dormant. The adjusted Spent Output Profit Ratio (aSOPR) also reflects this restraint, hovering just above breakeven. This suggests that the coins being spent are recent acquisitions, indicative of tactical trades rather than broad distribution.

Market observers note that this patience is being met with persistent institutional demand. The steady inflows into Bitcoin spot ETFs, totaling $2.2 billion last week, are reshaping the market's structure. Bitcoin’s realized cap, a measure of the price at which coins last moved, has grown to $955 billion, signaling that real capital, not just speculation, is moving into the asset. This equilibrium between long-term conviction and short-term leverage is fragile, as the market may need to move higher or lower to unlock additional supply.

Despite the geopolitical upheaval and market volatility, Bitcoin has proven resilient, maintaining its status as a store of value. The asset class has been fairly stable over the last month, up 1%. This return to a price point near its all-time high feels more disciplined than euphoric, with long-term investors content to sit on their gains. The market sentiment remains bullish, with a standoff between long-term holders who refuse to sell and short-term traders piling into leverage. This fragile equilibrium has market observers wondering where the next catalyst will come from and whether it could make Bitcoin’s next move explosive.