Bitcoin’s “Veteran” Investors: Are They Stubbornly Waiting for Higher Prices?

by

Ah, the ever-elusive Bitcoin—how could one ever grasp its mysteries? Yet, the on-chain data—yes, you heard it right, on-chain data—has been speaking to us, and it seems that the so-called “veteran” Bitcoin holders have been growing tired. But don’t get too smug, these old-timers still hold 11.9% of the supply. Yes, that’s right, they’re still hanging on like a reluctant retiree with a pension plan they refuse to cash out. 🙄

3-5 Year Old Bitcoin Holders Have Slowed Down Their Selling

In a post so filled with excitement, one could almost hear the keyboard smashing, the on-chain analytics firm Glassnode revealed some startling news. Apparently, the “Realized Cap” of Bitcoin, as analyzed by these fine folks, has been a topic of great intrigue. “Realized Cap”—such a fancy term, isn’t it? It simply measures the total value of BTC by assuming the ‘real’ value of any token is equal to the price it was last transacted at. So, when you last bought your Bitcoin, that price is now considered its *current* cost basis. All those coins you thought were worthless? Well, they have a price tag now. 😏

Now, let’s move on. Realized Cap just means the sum of acquisition prices of every Bitcoin in circulation. So if you’re still confused, think of it as the capital the entire world has spent on Bitcoin—what a heartwarming thought, isn’t it? A modified version of this metric, known as the Realized Cap HODL Waves, just focuses on one little segment of this vast ocean: the 3-5 year old holders. Yes, these old souls who’ve been sitting on their shiny coins for three to five long years. 🙃

And wouldn’t you know it, these investors made a grand spectacle back in November, when the Realized Cap of their cohort hit an all-time high (ATH) of 15.7%. At that point, they must’ve been feeling pretty smug, until they decided to cash in during the price rally. Nothing says “I made a great decision” like selling at the peak, right? 😏

But just when we thought the drama was over, they paused their selloff in January, only to return to it in April, like a suspenseful movie plot. And now, it seems they’re all exhausted from their selling spree. So here’s the thrilling climax: they’re waiting for higher prices. Yes, they want to sell, but only at a better price—classic move. The cohort still holds a hefty 11.9% of Bitcoin’s Realized Cap. That’s not just “a little,” that’s quite a lot—enough to make even the most hardened investor break into a sweat. 😰

In other words, while their selling might have slowed, these seasoned investors are not going anywhere. The potential of them releasing their stash into the market may still act as a resistance if Bitcoin’s bull run continues. So, don’t get too comfortable, Bitcoin. These veterans have some moves left. 😏

BTC Price

As of this moment, Bitcoin is trading at around $105,800, down more than 3% over the last seven days. Oh, the rollercoaster of it all—up one minute, down the next. Isn’t it just delightful? 🤷‍♂️

Read More

2025-06-04 11:31