Summary
- The total unrealized gains of "Bitcoin" investors have reached a record high of $1.4 trillion.
- Glassnode noted that 97% of the circulating supply is in profit, and analyzed that selling pressure could emerge if prices continue to rise.
- There is a trading volume gap between $110,000 and $115,000, so this key support range should be monitored in case of a future correction.
The total unrealized gains of Bitcoin (BTC) investors have surpassed $1.4 trillion, marking an all-time high.
According to Glassnode, an on-chain analytics firm, in its weekly report on the 29th (local time), "The unrealized gains of all Bitcoin market participants recently reached $1.4 trillion, hitting a record high," and "97% of the circulating supply is currently in profit." Glassnode stated, "If the price of Bitcoin continues to rise, selling pressure could emerge."
Currently, most investors have purchased Bitcoin in the high $110,000s to the low $120,000s. Glassnode noted, "Looking at Bitcoin's Cost-Based Distribution, investors are concentrated between $117,000 and $122,000," highlighting that many new investors have come in near the peak.
Glassnode emphasized, "The $110,000 to $115,000 range should be closely monitored." They analyzed, "There is a gap in trading volume between $110,000 and $115,000, just below the current spot price of Bitcoin, because the price quickly passed through this range without sufficient trading activity." Glassnode added, "This price range acts somewhat like a 'gravity zone,' so it will be a key area to watch carefully if Bitcoin undergoes a correction in the future."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
