Bitcoin (BTC) Investors Who Bought the Dip in 2020 Are Still Waiting for Higher Prices, New Research Says

Bitcoin (BTC) investors who bought the dip in 2020 or later are still waiting for higher prices, new research says.

Bitcoin BTCUSD investors who bought the cryptocurrency in 2020 or later are still waiting for higher prices, new research says.

In findings published on X on April 1, onchain analytics firm Glassnode revealed that $110,000 was not high enough to make many hodlers sell.

"Although the share of wealth held by investors who bought BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels."

An accompanying chart shows data from the Realized Cap HODL Waves metric, which splits the BTC supply into sections based on when each coin last moved onchain.

Using this, Glassnode is able to draw a distinction between the 2020-22 buyers and those who came immediately before them.

"In contrast, over two-thirds of those who had bought BTC 5–7 years ago exited their positions by the December 2024 peak, reflecting their lower cost basis."

Speculators stay cool at BTC price highs

As Cointelegraph reported, more recent buyers, who form the more speculative investor cohort known as short-term holders (STHs), have proven much more sensitive to recent BTC price volatility.

Episodes of panic selling have occurred throughout the past six months as BTCUSD hit new record highs and then fell by up to 30%.

Continuing, Glassnode said that current STH participation does not suggest a speculative frenzy — something common to previous BTC price cycle tops.

"Short-Term Holders currently hold around 40% of Bitcoin's network wealth, after peaking near 50% earlier in 2025."