Long-term Holder

Bitcoin may be nearing a bear market bottom, according to K33, as long-term holders now control a record 79% of circulating supply and historically low old-coin spending suggests persistent accumulation despite ongoing macroeconomic uncertainty.

A survey of U.S. Bitcoin holders and crypto subreddit posts found that despite anxiety and market turbulence, most investors (69%) held onto their Bitcoin, with only 8% panic selling.

Bitcoin Long-Term Holders Shape 2025 Rally: On-Chain Metrics Like SOPR and Holder Supply Suggest Sustainable Growth as BTC Holds Above $100K with Strong Market Sentiment.

As evidenced by historically high levels of long-term holders, it’s clear that bitcoin's supply is getting more distributed across a vast array of adopters.

The exponential price appreciation after the Bitcoin halving is more of a function of buyer demand than it is of the supply-side reduction of the block subsidy.

Looking at metrics that give more weight to bitcoin held for the long term, the conviction of holders is stronger than ever and only growing.

Realized market capitalization of bitcoin is one of the best ways to quantify the monetization process and the metric is showing re-accumulation.

The amount of bitcoin as a percentage of circulating supply that hasn't moved in one year is near an all-time high.

The short-term and long-term bitcoin holder cost basis ratio is trending downward, signaling a shift in market conditions.

The current short-term and long-term bitcoin holder cost bases offer some signals about the market.