Bitcoin holders are showing greater patience in selling. Recent data indicates that the number of investors choosing to cash in profits is gradually decreasing, as the market generally expects Bitcoin prices to rise further.
Glassnode released a report on Tuesday (July 1) stating, "As the price rebounds to $107,000, the vast majority of Bitcoin investors are currently holding unrealized profits." The report adds that this trend stems from strong support for Bitcoin (BTC) around $98,300, which is the average purchase price for short-term holders (those holding for less than 155 days).
According to Glassnode, as of now, the total unrealized profits that Bitcoin investors have not sold has reached $1.2 trillion, close to the historical high of $1.3 trillion set at the end of last year. On average, investors currently have an unrealized gain of 125%.
"Despite the significant increase in profit levels, investor behavior shows a strong preference for holding, as the current price range is insufficient to trigger large-scale profit-taking," Glassnode stated. "In several capital flow indicators, long-term holding has become the dominant mechanism in the market."
The company explained that this phenomenon is reflected in the decline of actual realized profits, as well as other on-chain data such as the supply of long-term holders reaching new highs.
The Glassnode report shows that after Bitcoin reached an all-time high in May, the selling pressure from short-term holders has significantly decreased, indicating that the market overall expects Bitcoin to have more room for growth.
"This again suggests that the current price range is insufficient to prompt investors to continue selling, meaning that only higher (or lower) prices can release more supply," the report stated.
According to CoinMarketCap data, as of the time of writing, the price of Bitcoin is $106,170.
The current price of Bitcoin is 5.5% lower than the all-time high of $111,970 set on May 22. With June closing with a historical highest monthly closing price (slightly above $107,000), market sentiment continues to warm up.
Some analysts believe that long-term holders are the key factor preventing Bitcoin from breaking through the $100,000 range.
Charles Edwards, founder of Capriole Investments, stated on Sunday (June 29) that due to the continuous selling by long-term holders, the price of Bitcoin has been consistently hindered, making it difficult to break through the $100,000 mark.
Edwards pointed out that since the first Bitcoin spot ETFs were launched in January 2024, long-term holders have been "selling off on Wall Street" and "continuously reducing their positions."
Related: Five "hidden" crypto scams to watch out for this year
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Glassnode: The ‘vast majority’ of Bitcoin holders have unrealized profits of $1.2 trillion”
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