Bitcoin is showing increasing patience in selling, and new data shows that the number of investors has declined as Bitcoin is expected to increase.
“After recouping to $107K, the super labor of Bitcoin investors is now holding unrealized profits,” GlassNode explain In Tuesday’s report. It adds trend after Bitcoin (BTC) Looking for a large amount of support of about $98,300 – about the average price paid by short-term holders or people who hold less than 155 days.
Bitcoin investors “strongly favor Hodling”
GlassNode says Bitcoin’s total unrealized profits – earnings held by investors who have not yet sold – have reached $1.2 trillion, with an all-time peak of $1.3 trillion at the end of last year, and now the average investor now holds 125% of paper earnings
“Despite the surge in profitability, investors’ behavior demonstrates a strong preference for Hodling, as the current price range does not seem to be enough to trigger large profits,” Glasnod said.
“Hodling appears to be the main market mechanic for many spending indicators.”
This is reflected in reduced implementation of Bitcoin profits and other interface indicators such as long-term holders’ supply reaches new highs, the company explained.
GlassNode reports that adding short-term holders sales to Bitcoin’s all-time highest level in May has seen a sharp drop in sales, suggesting that the market expects Bitcoin to grow higher.
“This again shows that the current price range is not enough to keep investors selling, which means the market may need to be higher (or lower) to unlock additional supply,” it said.
At the time of publication, Bitcoin was trading at $106,170 according to Carry out a common market.
Bitcoin is currently below its all-time high of $111,970 on May 22, with market expectations of building a close with its highest monthly candle, just over $107,000 after the June closure.
Related: Bitcoin analysts say the market quickly absorbs sales, paving the way for bullish July
Some analysts attribute long-term holders to the reason why Bitcoin cannot break through the $100,000 price region.
Charles Edwards, founder of Capriole Investments, says Bitcoin is working hard on Sunday The $100,000 region was separated from the $100,000 region as long-term holders’ sales pressures hindered the growth of Bitcoin prices.
Edwards said long-term holders have been “dumping on Wall Street” and “unloading” since spot Bitcoin exchange trading funds launched in January 2024.
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This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
