Bitcoin Long-Term Holder Stay Put
Bitcoin’s majority of circulating supply is in profit, according to on-chain analytics firm Glassnode. The volume of Bitcoin supply in profit reached levels last seen two years ago, following the market’s November 2021 all-time high.
However, the unrealized profit held within these coins remains modest. The percentage of Bitcoin’s circulating supply in profit reached 83.6% or 16.36 million BTC during last week’s rally, which is historically significant, well above the all-time mean value of 74%.
The recent surge has seen greater accumulation patterns than others this year, with two significant rallies in late January and late March.
Despite these profits, there has been no significant move by long-term holders to liquidate their assets, suggesting a potential ‘euphoria phase’ as holding patterns exceed the historical average by a considerable margin.
(With inputs from Shikha Singh)
You need to login in order to Like
