Latest Study: Bitcoin Holders Who Bought at $20k Refuse to Sell, Showing Remarkable Conviction
New data reveals surprising resilience among Bitcoin investors who entered the market near the $20,000 mark. Despite significant volatility and market corrections, these holders are demonstrating unwavering conviction.
A recent study highlights the strength of long-term Bitcoin holders, particularly those who bought around the peak. Bitcoin (BTC) investors who bought at 2025 all-time highs and above have still not sold, data suggests. According to the HODL Waves metric, coins which last moved in the past six to show remarkable holding behavior.
The on-chain analytics firm Glassnode has explained how the investors who bought at the Bitcoin top are showing conviction, not capitulation. This indicates a strong belief in the long-term potential of Bitcoin, even amidst market fluctuations.
HODL Waves Show Long-Term Commitment
According to the HODL Waves metric, coins which last moved in the past. Bitcoin (BTC) investors who bought at 2025 all-time highs and above have still not sold, data suggests. According to the HODL Waves metric, coins which last moved in the past six to . This trend underscores the commitment of these investors and their confidence in Bitcoin\'s future growth.
Bitcoin (BTC) investors who bought at 2025 all-time highs and above have still not sold, data suggests. The HODL Waves data visually represents the distribution of Bitcoin based on the time since they were last moved, further illustrating the holding patterns of different investor cohorts.
Resilience in the Face of Volatility
Despite strong gains and equally strong corrections in 2025, those who entered the market or added to their positions in or after November 2025 are refusing to sell. This suggests that these investors are not easily swayed by short-term market movements and are focused on the long-term investment opportunity.
The unwavering holding behavior of these Bitcoin investors provides valuable insights into market dynamics and the increasing maturation of the cryptocurrency ecosystem.