Bitcoin Surges 656% in Current Cycle as Long-Term Holders Anchor Market

Bitcoin has soared 656% in the ongoing cycle that began in 2022, according to on-chain analytics firm Glassnode. While this performance trails previous cycles—1,076% from 2015–2018 and 1,007% from 2018–2022—it still signals strong demand despite Bitcoin’s $2.08 trillion market cap. The sustained growth reflects a maturing market where investor appetite remains high.

Glassnode highlights that today's cycle shows a unique structure. Although long-term holders (LTHs) are selling at elevated volumes, an even greater number of coins are aging into long-term status. This dynamic suggests that wealth among LTHs is becoming increasingly “sticky,” pointing to reduced volatility and deeper market confidence.

This shift is likely driven by the rise of U.S. spot Bitcoin ETFs and growing institutional interest, which are anchoring more supply in long-term custody. As a result, BTC’s price structure appears more resilient than in past cycles.

Recent price action underscores this trend. After dipping to $100,377 on June 5, Bitcoin rebounded to $110,651 by June 9 before pulling back. As of now, BTC trades at $105,061, holding above the crucial $100K psychological level. Key resistance lies at $115,400, while short-term support sits at $97,600. Glassnode also points to the $92,900–$95,400 range as a vital zone for bullish momentum, with $81,700 marking a potential lower bound consistent with broader bull market behavior.

As Bitcoin continues this cycle, historical trends, increased institutional engagement, and maturing holder dynamics suggest a robust foundation for sustained growth.