Since the start of April, bitcoin (BTC) has experienced an unusual increase in conviction from both short-term and long-term holders.

According to Glassnode, short-term holders—those who have held bitcoin for less than 155 days—are typically more reactive to price movements, often buying during periods of euphoria and selling during downturns.

However, of late, short-term holders appear to have become value-driven buyers despite bitcoin currently sitting roughly 25% below its all-time high.

Since the start of April, this group has grown by around 15,000 BTC, now holding a total of just over 3.7 million BTC. That said, since February, they have distributed approximately 280,000 BTC—likely a mix of profit-taking from the November–December rally, which followed President Donald Trump’s election win. That’s in addition to panic selling during bitcoin’s 30% drawdown from its January all-time high.

Long-term holders—those who have held for at least 155 days – have boosted their coin stash by 400,000 BTC since February, with small amounts acquired this month, taking the overall tally to over 13.5 million. This suggests growing conviction among long-term holders, even amid recent price stagnation.

While bitcoin has remained relatively flat since the start of April, Nasdaq is down 3.5% in the same time frame, with futures pointing to a further 3% decline.