Bitcoin’s (BTC) year-long decline has left several holders with unrealized losses, including long-term holders (LTH) who have held the coin for at least six months.

However, CryptoSlate’s analysis of Glassnode data showed that this group of investors remains bullish on the flagship digital asset.

According to Glassnode data, the cohort holds a record-high amount of Bitcoin –13.8 million. The group is also considered the smart money of the Bitcoin ecosystem because they usually accumulate during bear markets and sell during bull runs.