Share this article
Long-Term Bitcoin Holders Boost Their Stash as BTC Prices Decouple From Nasdaq
Long-term holder wallets are witnessing net accumulation at the fastest pace since October 2021.
Updated Jan 24, 2024, 12:33 a.m. Published May 11, 2023, 11:42 a.m.
Long-term bitcoin investors are accumulating tokens as the largest cryptocurrency's price declines, decoupling it from the continued uptick in Wall Street's tech-heavy index Nasdaq.
Blockchain analytics firm Glassnode's long-term holder net position change indicator, which tracks the 30-day change in the net amount of BTC entering or exiting exchange wallets that tend to hold coins for over six months, flipped positive in early April and has surged in the past four weeks.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The feature image shows net accumulation is currently happening at the fastest pace since October 2021. That indicates that investors view bitcoin's recent weakness as a typical bull market breather.
"Long-term BTC holders are adding to their positions, implying that investors view the recent pause in price movement as an opportunity to acquire more," Q9 Capital, a crypto investment platform, said in an email, referring to the surge in the net position change metric.
Glassnode defines long-term holders as wallets holding onto their coins for at least 155 days without selling or moving them.
Bitcoin crossed above $31,000 on April 14, hitting the highest since June 2022, per CoinDesk data. Since then, the cryptocurrency's price has dropped by 12% to $27,500, while Nasdaq has risen by over 2% since mid-April. The Nasdaq-to-S&P 500 ratio, which bitcoin has closely followed in the past, has also increased by over 2% during that time period.
The divergence is a cause of concern for bitcoin bulls, according to Matrixport's Research and Strategy Head Markus Thielen.
"Based on the relationship with tech stocks (Nasdaq), Bitcoin should now have been above $30,000, and the fact that this is not the case should caution any short-term traders," Thielen said in a note to clients. "This decoupling could start a more significant divergence between the two."
"Many equity investors have expected that a U.S. recession was imminent, only to be disappointed as tech stocks continue to rally. Those shorts need to be covered. Unfortunately, Bitcoin does not have large outstanding shorts that could be squeezed - hence the potential divergence between Nasdaq and Bitcoin," Thielen added.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop
Most tokens that debuted this year are trading below their initial valuations.
What to know:
- Cardano-based Midnight Network's token NIGHT plummeted 22%, the steepest decline among the top 100 tokens.
- Bitcoin fell below $88,000 after failing to maintain gains above $90,000, with potential volatility expected following the U.S. GDP release.
- A year-end analysis reveals that only 15% of crypto tokens launched in 2025 are trading above their initial valuations, with infrastructure and AI-linked tokens underperforming.
Top Stories
