Editor's PiCK
Bitcoin investors' unrealized profits near all-time high…"Holding sentiment prevails"
Summary
- Glassnode reported that Bitcoin investors' unrealized profits have neared an all-time high of $1.2 trillion.
- It was noted that investors prefer to hold Bitcoin despite high returns.
- There has been a significant decrease in selling pressure from short-term holders, and expectations of a price increase remain strong.
Despite Bitcoin (BTC) investors' unrealized profits approaching an all-time high, analysis indicates that the prevailing sentiment remains to 'hold.'
On the 2nd (local time), according to Cointelegraph, Glassnode reported that "the total unrealized profit of Bitcoin investors approached $1.2 trillion," adding, "Although profits have increased, investors still prefer to hold Bitcoin." It continued, "The current price range is not sufficient for realizing gains."
Additionally, selling pressure from short-term holders has significantly decreased. The report noted, "While there was a sharp increase in Bitcoin selling by short-term holders last May, it has dropped rapidly since then," adding, "Currently, Bitcoin is forming a strong support line near the average purchase price of short-term holders, which is $98,300." The report continued, "The market is anticipating further increases in Bitcoin."
Meanwhile, the current total unrealized profit of Bitcoin investors ($1.2 trillion) is close to the all-time high of $1.3 trillion recorded last year. The average rate of return is 125%.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
