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Short-term value buyers emerge while long-term holders show growing conviction despite market volatility.
Apr 4, 2025, 11:54 a.m.
Since the start of April, bitcoin (BTC) has experienced an unusual increase in conviction from both short-term and long-term holders.
According to Glassnode, short-term holders—those who have held bitcoin for less than 155 days—are typically more reactive to price movements, often buying during periods of euphoria and selling during downturns.
However, of late, short-term holders appear to have become value-driven buyers despite bitcoin currently sitting roughly 25% below its all-time high.
Since the start of April, this group has grown by around 15,000 BTC, now holding a total of just over 3.7 million BTC. That said, since February, they have distributed approximately 280,000 BTC—likely a mix of profit-taking from the November–December rally, which followed President Donald Trump’s election win. That's in addition to panic selling during bitcoin's 30% drawdown from its January all-time high.
Long-term holders—those who have held for at least 155 days – have boosted their coin stash by 400,000 BTC since February, with small amounts acquired this month, taking the overall tally to over 13.5 million. This suggests growing conviction among long-term holders, even amid recent price stagnation.
While bitcoin has remained relatively flat since the start of April, Nasdaq is down 3.5% in the same time frame, with futures pointing to a further 3% decline.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
