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.
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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.
