Bitcoin Supply in Profit Still Insufficient to Motivate Long-Term Holders: Glassnode Analysis
Despite Bitcoin’s attempt to hit the $40,000 mark, analysts at Glassnode believe the current price level is not enough to motivate long-term holders to sell. Glassnode’s recent report indicates that over 16.3 million BTCs are now in profit, representing around 83.6% of the circulating supply, which is similar to levels seen in the 2021 bull market highs.
However, Glassnode noted that the magnitude of unrealized profit has not yet reached a level significant enough to match the heated stages of the bull market, suggesting that most investors are still underwater even though a significant volume of the supply is in profit. While short-term investors decreased their holdings, long-term investors are unwilling to sell, anticipating higher profits in the future.
Hot Take: Bitcoin’s Long-Term Holder Confidence Remains Unshaken Despite Current Price Levels
As per analyst reports, despite the recent price surge, long-term Bitcoin investors remain unfazed and continue to hold onto their assets, awaiting more favorable market conditions in the coming months. The confidence of long-term holders seems unshaken, with experts predicting a potential surge after the 2024 halving event, barring any unforeseen regulatory changes.
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