On-chain data reveals that veteran Bitcoin investors, specifically those holding for 3 to 5 years, still control a significant portion of the asset's Realized Cap. According to a Glassnode post on X, this cohort holds 11.9% of the Realized Cap. This is despite a recent sell-off that began after hitting an all-time high (ATH) share of 15.7% in November.
The Realized Cap measures Bitcoin's total value by assuming the 'real' value of any token is the price at which it was last transacted on the blockchain. This metric represents the total amount of capital that investors used to purchase their coins. The 3 to 5-year investor group includes holders who have kept their coins dormant for that period.
After reaching the ATH in November, these investors initiated a sharp sell-off, capitalizing on the rally's profitable opportunity. Selling paused in January but resumed in April, indicating some long-term holders exited during the recent price surge. While selling may be exhausting, this cohort still holds a substantial portion of Bitcoin's Realized Cap, potentially acting as resistance if the bull run continues. Currently, Bitcoin is trading around $105,800, down over 3% in the last seven days.
Source: X (Glassnode)