Data from Glassnode reveals that a record-high 70.35% of Bitcoin’s circulating supply has not been active on-chain for at least a year, surpassing the previous peak of 69.35% in July. This reflects strong confidence among long-term Bitcoin holders despite market challenges. Supply untouched for two, three, and five years has also hit lifetime highs. While rising prices may attract new sellers, current data suggests that holders are holding onto their assets, even as Bitcoin doubled to $37,000 this year. Future financialization through ETFs and futures may alter this landscape.