Despite prolonged market volatility, Bitcoin long-term holders (LTHs) are exhibiting resilience by resisting selling pressure. Recent data from analytics firm Glassnode shows that these investors, holding Bitcoin for over 155 days, have distributed nearly 2 million BTC during two sell-offs. This pattern of accumulating after declines may be stabilizing price action. Glassnode also highlights another group: investors who bought near the asset’s peak and are still underwater despite market dips. While short-term traders may react to volatility, LTHs and these investors seem focused on long-term strategies. They represent a key distinction between speculative trading and strategic accumulation. Glassnode’s analysis suggests a divide between short-term speculation and long-term commitment, signaling enduring confidence among core Bitcoin holders even amid market fluctuations.