Bitcoin Holders Selling Slowly After 3–5 Years—Waiting for Higher Prices?

On-chain data shows that seasoned investors in the Bitcoin market have shown signs of exhaustion recently, but they still hold 11.9% of the supply. Bitcoin Holders Who Have Held for 3-5 Years Have Slowed Down Selling In a recent post on X, the blockchain analytics company Glassnode discussed the latest trends in the Realized Cap of Bitcoin investors aged 3 to 5 years. "Realized Cap" here refers to a metric that measures the total value of BTC by assuming the 'real' value of any circulating token is equal to the price at which it last traded on the blockchain. Because the previous transfer for any coin corresponds to the final point at which it was handed over, the price at that time can be considered its current cost basis. Therefore, Realized Cap is nothing more than the total purchase price of all tokens belonging to the circulating supply. In other words, this index represents the total amount of capital that investors in general have used to purchase their coins. A modified version of this metric, called Realized Cap HODL Waves, tracks the same metric, except for a specific segment of the industry. In the current discussion context, the group of investors of interest is the one that has been holding for 3 to 5 years. This group includes all those who have kept their funds inactive for three to five years. The following is a chart of the actual market capitalization of the group shared by the analysis company, showing the value trend of the group over the past few years:

As shown in the chart above, the Bitcoin Realized Cap controlled by investors from 3 to 5 years has reached an all-time high of 15.7% in November. However, right after this peak was formed, these investors began to sell off aggressively, taking advantage of the profit opportunity that the price surge provided. Then, in January, the group paused selling, but continued in April, showing that some of these resolute players came out during the most recent bull run. However, when looking at the enlarged chart, it can be seen that the selling may have reached a state of exhaustion again.

Although the supply has shown the beginning of a potential sideways phase, that does not mean that investors in the next 3 to 5 years are no longer a threat to Bitcoin. This group still holds 11.9% of the actual market capitalization of the asset, a quite significant figure. The holders of these diamonds may be waiting for a higher price, so there is a possibility that this supply will begin to be distributed if the price momentum continues, potentially acting as a resistance source.