Bitcoin (BTC) price is hovering just a few percent below its all-time high of $111,800, and data from onchain analytics provider Glassnode reveals a “unique dynamic of this cycle,” as long-term holders continue to dominate wealth distribution, even at the later stage of the bull market. This behavior deviates sharply from previous cycles.
The data highlights that long-term holders (LTHs)—those holding BTC for over 155 days—are realizing significant profits, with their net realized profit/loss peaking at $930 million per day. Despite this, the overall supply held by LTHs is still rising. This is unprecedented at this stage of a rally, where LTH supply tends to decline due to widespread profit-taking.
