市場分析

Bitcoin's $109K Surge Faces Lower Sales Activity, Glassnode Finds

Amos Simanungkalit · 03 Apr96.1K 閱讀

Image Credit: CoinMarketCap

Bitcoin reached a record high of $109,000 earlier this year, but sales activity remains significantly lower than in previous market cycles, according to a report by on-chain analytics firm Glassnode. Published on April 1, the study reveals that investors who bought Bitcoin between 2020 and 2022 have largely held onto their assets despite considerable price fluctuations.

The analysis shows that these investors, who acquired Bitcoin at prices ranging from the 2020 low of $3,600 to the 2021 peak of $69,000, have not been inclined to sell, even as prices shift. Although their collective wealth share has declined by 3% since its peak in November 2024, it remains historically high, indicating a continued preference for holding rather than selling.

By contrast, investors who purchased Bitcoin five to seven years ago had largely exited their positions by December 2024, having benefited from lower initial costs. The report highlights that long-term holders have maintained their Bitcoin holdings, whereas newer investors have shown greater sensitivity to price movements.

Short-term holders (STHs), a group comprising more recent buyers, tend to react more strongly to price fluctuations. Glassnode notes that STHs currently control about 40% of Bitcoin’s network wealth, which is significantly lower than the 70-90% share seen during past market peaks. This suggests that the current Bitcoin rally is less speculative and more widely distributed compared to previous cycles.

Over the past six months, Bitcoin’s price has surged to new highs before dropping by as much as 30%, leading to some panic selling. However, the scale of speculative activity remains much lower than in previous market peaks. STH participation reached a high of nearly 50% in early 2025 but remains well below prior cycle levels, indicating a more cautious market.

Additionally, Bitcoin inflows to exchanges have fallen to a two-year low, suggesting fewer investors are selling or transferring their assets. Despite significant price increases, many 2020-era investors continue to "HODL," signaling a shift from short-term speculation to long-term investment strategies.

Glassnode's findings indicate that Bitcoin's current market behavior is more stable than in previous cycles, where speculative trading often led to sharp corrections. While Bitcoin remains volatile, the report suggests that the market is now more focused on long-term holding rather than speculative trading.