Glassnode: Current Bitcoin Price Not Sufficient to Motivate Holders

Glassnode: Current Bitcoin Price Not Sufficient to Motivate Holders


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.

Bitcoin supply in profit as of Nov. 18 | Source: Glassnode

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.

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Hot Take: Bitcoin’s Long-Term Holder Confidence Remains Unshaken Despite Current Price Levels

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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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Glassnode: Current Bitcoin Price Not Sufficient to Motivate Holders
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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. An unwavering beacon for both seasoned adventurers and neophytes in the crypto cosmos, Noah’s insights forge a compass for informed decision-making amidst the tides of ever-evolving cryptocurrencies. With an artist’s eye for precision, he crafts a distinctive narrative, enriching the vibrant tableau of the crypto landscape.

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