According to CoinDesk, long-term Bitcoin holders (i.e. wallet addresses that have held Bitcoin for at least 155 days) now control 75% of the circulating supply of Bitcoin, with holdings hitting a record high.

Glassnode data shows that the balance in these wallets increased by 62,882 BTC ($1.83 billion) this month to a record 14.52 million BTC, surpassing the peak of 14.48 million BTC on May 21. This new high means that such holders own 75% of the circulating supply of 19.437 million Bitcoins.

“This suggests that among sophisticated investors, HODLing is the preferred market dynamic,” Glassnode wrote on Twitter.

The rate of inflows into wallets controlled by illiquid entities, or network participants with little spending history, also remains strong, suggesting continued accumulation and weakening sell-side pressure in the market. The number of bitcoins held by these illiquid entities has surged by more than 90,000 this month.