Bitcoiners have shown increasing patience in the selling side. New data shows a decline in investors who cash out their Bitcoins, anticipating a higher price.
“Following a recovery to $107k, a super-majority of Bitcoin investors are now holding unrealized profits,” Glassnode said In a report published on Tuesday. The trend is Bitcoin.BTC) finding strong support around $98,300 — roughly the average price paid by short-term holders or those holding less than 155 days.
Bitcoin Investor has “strong preference for HODLing”
Glassnode said Bitcoin total unrealized profits — gains held by investors who haven’t sold — has reached $1.2 trillion, nearing its all-time peak of $1.3 trillion hit late last year, with the average investor now holding a paper gain of 125%
“Despite this surge in profitability, investor behavior signals a strong preference for HODLing, as the current price range appears insufficient to trigger significant profit-taking,” Glassnode said.
“HODLing appears to be the dominant market mechanic across a plethora of spending metrics.”
According to the company, this can be seen in both declining Bitcoin realized profits and onchain metrics like long-term holders supply hitting new heights.
Glassnode reports a drop in short-term selling after an increase around Bitcoin’s may all-time highest, signaling that the market is expecting Bitcoin to rise.
“This again suggests that the current price range is not compelling enough for investors to continue selling, implying that the market may need to move higher (or lower) to unlock additional supply,” It was said.
Bitcoin’s current price is $106,170. according CoinMarketCap.
Bitcoin is currently 5.5% below its May 22 all-time high of $111,970, with market anticipation building after it closed June with its highest monthly candle — just over $107,000.
Related: Bitcoin analysts say market quickly absorbs selling, paving way for a bullish July
Long-term Bitcoin holders have been blamed by some analysts for the price of Bitcoin not being able to move beyond the $100,000 range.
Charles Edwards, founder of Capriole Investments, said on Sunday that Bitcoin is struggling to The price of Bitcoin has been stunted by long-term holding pressure.
Edwards stated that long-term investors have been “dumping on Wall Street” The following are some examples of how to get started: “unloading their positions” The spot Bitcoin exchange traded funds have been available since January 2024.
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Source: cointelegraph.com
