Glassnode: BTC Long-Term Holders Stay Profitable Through This Cycle

The notable shift is structural rather than directional: a cohort that historically capitulated into losses at cycle lows never did so this time, which points to a higher cost basis and stronger hands among long-term holders. That changes how supply behaves — coins that would previously have moved at a bottom stayed put, thinning the pool available to trade. Whether that resilience holds through the next drawdown, and whether it reflects genuine conviction or simply a later-arriving cohort, is the open question worth watching.