Short-Term Bitcoin Holders See Drop in Network Share This Year

• Short-term holders now control just 40% of network wealth, down from nearly 50% earlier in 2025.
• Compared to previous cycles, new investor dominance remains low, suggesting a more balanced market landscape.

Bitcoin short-term holders (STH) now hold only about 40% of the network’s total wealth, according to Glassnode. In early 2025, that number was close to 50%. Compare that to the peak of the previous cycle, when new investors could control between 70% and 90% of Bitcoin’s wealth.

This difference in pattern seems to reflect a calmer bull market. Not that it is not promising, but more like a long uphill road than a rocket that is shooting up. New investors are present, but their presence is not as dominant as in previous years.

While beginners usually buy in droves because of FOMO, now the atmosphere is calmer—either because they have learned from experience or because the market is now more difficult to predict.

Short-Term Holders currently hold around 40% of #Bitcoin's network wealth, after peaking near 50% earlier in 2025. This remains significantly below prior cycle tops, where new investor wealth peaked at 70–90%, suggesting a more tempered and distributed bull market so far. pic.twitter.com/G6se9dcyBW

— glassnode (@glassnode) March 31, 2025

Bitcoin Whales Quietly Stack Up While Others Hesitate

On the other hand, whales are apparently moving in the middle of this calmer situation. Since March 11, 2025, more than 129,000 BTC have been accumulated by large holders, worth around $11.2 billion, assuming the BTC price at that time was $87,500. This is the largest accumulation since August 2024. This movement has made many people start to wonder: is this a signal that big players are preparing something?

While short-term holders appear to be holding back, whales are actually shopping on a large scale. If we compare it to a supermarket, small customers are still looking at prices, but bulk buyers have already put items in their carts without hesitation. Maybe they know something we don’t know yet?

Market Liquidity Tightens as Caution Takes Over

Furthermore, data from last week showed that liquidity in the Bitcoin market is shrinking. This could be a kind of early warning. Glassnode noted that the market is increasingly vulnerable because many market players tend to hold back and be more careful. In conditions like this, price movements can be even wilder because even the slightest pressure can trigger a big reaction.

However, if we look at the performance in the first quarter of 2025, Bitcoin did experience a 12.5% ​​decline. But this is still much lower than in the past. In the previous bull cycle, BTC had plunged more than 60%. So even though there is a correction now, it is not as severe as the old traumas.

Changing Times Push Investors Toward New Strategies

On the other hand, CNF previously also reported the CEO of BlackRock, who said that US debt could make Bitcoin challenge the dollar’s dominance as a global foreign exchange reserve.

It sounds ambitious, but if you look at recent trends—with ETFs already official and tokenization starting to be used in various sectors—Bitcoin is indeed slowly turning into a “serious” asset class in the eyes of modern investors.

Those who used to only believe in gold or traditional assets are now starting to consider BTC as part of their portfolio. It is no longer just a bet, but is starting to be considered a hedge. Similar to people who used to only believe in keeping money under the mattress and then slowly started to believe in banks.

Meanwhile, at the time of writing, BTC is trading at about $82,887, up around $1,382 in the last 24 hours or an increase of 1.7%. The daily trading range shows a high of $83,884 and a low of $81,282. This shows that although the market is somewhat sensitive, its volatility is still relatively under control.