Glassnode: Bitcoin's 3-5 Year Holder Net Supply Change is Slowing, Yet Still Posing Downside Pressure on the Market

On June 2nd, Glassnode's official post said, "Investors who have been holding Bitcoin for 3 to 5 years reached a coin-holding percentage of 15.7% of the total supply on November 9, 2024, hitting a new high since March 2017. Then they started to sell, paused, and later resumed selling in April 2025." Currently, their Bitcoin holdings account for 11.9%, which is still significantly higher than the approximately 3% cycle low point and still poses significant selling pressure. Bitcoin's 'Realized Cap HODL Waves' reflects the value held by holders of different age groups. Investors holding for 3 to 5 years still control a substantial amount of wealth and are inclined to sell during periods of price strength. The recent slowdown in selling indicates that the selling pressure may be approaching exhaustion, but the 12% of the total supply held by this group of holders shows that many are still waiting for higher prices.