Bitcoin (BTC) Supply in Profit Still Insufficient to Motivate Long-Term Holders: Glassnode Analysis
Regardless of Bitcoin’s attempt to hit the $40,000 mark, analysts at Glassnode believe the present 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.
Nonetheless, Glassnode pointed out that the magnitude of unrealized profit has not yet reached a level whole lot of enough to match the heated stages of the bull market, suggesting that most investors are still underwater despite the fact that a whole lot of volume of the supply is in profit. Although 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 Regardless of Current Price Levels
As per analyst reports, regardless of the recent price surge, long-term Bitcoin (BTC) investors remain unfazed and continue to hold onto their assets, awaiting more favorable market conditions in the months ahead. The confidence of long-term holders seems unshaken, with specialists predicting a probable surge after the 2024 halving event, barring any unforeseen regulatory changes.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.
