Bitcoin Holders Score $26 Billion as BTC Rallies 30%

$26 Billion Windfall for Patient Investors

Data from CryptoQuant shows that between April 1 and April 23, the realized cap of long-term holders rose from $345 billion to $371 billion, thanks to the price rally.

This spike underlines a common theme in crypto markets: what looks like a steep correction is often simply a routine shake-out of weaker hands before the next leg up.

Shifting Narratives Bolster Conviction

Several trends have fortified long-term confidence amid the recent sell-off:

• Decoupling from Equities: As U.S. stocks lagged under trade-war tensions, Bitcoin’s correlation with traditional markets weakened, highlighting its appeal as a non-correlated asset.

• Gold’s Surge: With gold prices climbing toward $3,500/oz, investors hunting safe havens appeared to extend that narrative to BTC’s “digital gold” thesis.

These dynamics encouraged seasoned holders to stay the course rather than capitulate.

Short-Term Sellers Feel the Heat

By contrast, many short-term traders who hopped into April’s rally exited positions at a loss when prices retraced, reinforcing a cycle of “sell the news” behavior. However, those same traders have since edged back into profitability as BTC reclaimed higher ground, illustrating the rapid mood swings typical of shorter investment horizons.

Bullish Signals in Profit Bands

On-chain metrics reveal that roughly 16.7 million BTC addresses are currently “in the money.” When this supply-in-profit indicator remains above the so-called “optimism threshold,” historical patterns suggest a high likelihood of sustained bull runs within the ensuing months.

What’s Next? A $90K–$95K Trading Range

Analysts expect Bitcoin to consolidate between $90,000 and $95,000 as it digests the rally. A drop below $88,750–$90,500 could test support near $84,000–$86,300, but long-term holders appear well positioned to ride out any minor pullbacks.