The Bitcoin (BTC) price has been doing its utmost to shake investors out of the market for a while now. For weeks, the price has been dropping further and further and more fear and panic is flowing into the crypto market. It is a difficult period to endure, especially for new Bitcoin investors.

However, die-hard Bitcoiners who have been committed to the decentralized asset for years are having less trouble surviving this decline. On-chain data shows that almost a third of all circulating Bitcoins are held by this group, and have been sitting on the ground for five years.

30% of Bitcoin Supply Has Been Unmoved for 5 Years

IntoTheBlock announced on social media platform X last Friday that more than 30% of the circulating BTC supply has not been moved on the blockchain for more than five years.

This means that these holders have been holding on to their Bitcoins steadfastly since the previous bull market of 2021. The larger this group becomes, the less susceptible the market becomes to panic selling.

These long-term investors tend to be less sensitive to short-term price changes. In the case of major Bitcoin crashes like the one we saw last week, mainly caused by the start of the Mt. Gox refund process, this cohort is simply less likely to dump their coins onto the market in panic.

In contrast, short-term holders are usually newer market participants. They are generally less experienced with Bitcoin’s volatility and are more likely to sell during severe market fluctuations.

As seen in IntoTheBlock’s chart, the BTC supply that hasn’t moved in over five years declined earlier this year, suggesting that some determined Bitcoiners took their profits at the time.

However, since this pullback, the indicator has been on an upward trend again, which is a positive sign. The bloody downtrend of the past few weeks has also not caused these experienced holders to panic. “This shows that despite the market fluctuations, there is a strong core of Bitcoin believers,” IntoTheBlock notes.

Mt. Gox BTC Selling Doesn’t Deter

Even as more than $8 billion worth of Bitcoin is released from the 2014-collapsed Bitcoin exchange Mt. Gox in the coming months, much of the BTC supply remains unmoved. How many of the roughly 142,000 Bitcoins being returned to all creditors will end up on the market is unclear, but long-term holders appear far from concerned.

While Bitcoin’s price may decline in the coming months due to selling pressure, Bitcoin’s long-term value is likely to remain stable. Long-term holders, often referred to as “diamond hands,” have weathered deep declines before and are holding on to their investments. This shows that despite short-term volatility, there is a strong core of Bitcoin believers who have confidence in the crypto’s future.

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