The Majority of Bitcoin Holders Are in Profit, Glassnode Says
Analysts at blockchain firm Glassnode report that most Bitcoin holders are now in a profitable position, with only 13% of the total supply held at a loss. As Bitcoin reaches the $50,000 mark last seen in December 2021, approximately 87% of Bitcoin was acquired below the $48,000 mark. Short-term holders are concentrated between $40,000 and $45,000, while long-term holders make up the remaining 13% held at a loss.
Long-Term Holder Supply Held in Loss Trending Towards Zero Bound
Glassnode notes that the volume of long-term holder supply held at a loss is currently around 777,000 BTC and is decreasing as prices rise. Only 6.5% of the aggregate long-term holder supply is in a loss position. This trend has been observed during previous bull market conditions.
Changing Sentiment and Fear and Greed Index
There has been a notable shift in sentiment within the crypto community as reflected by the Fear and Greed index. The index recently reached 79 out of 100 points for the first time since Bitcoin’s all-time high in November 2021. This surge in sentiment is considered “extremely high” compared to mid-October 2023 when the index only recovered to a neutral 52 points.
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