Home Coin news All Bitcoin HODLers in Profit as BTC Tops $70,000

All Bitcoin HODLers in Profit as BTC Tops $70,000

06 Jun, 2024 Coin news

All Bitcoin HODLers in Profit as BTC Tops $70,000

Bitcoin long-term holders who had unrealized losses have recently seen their investments turn profitable as Bitcoin's price surpassed its November 2021 peak.

As Bitcoin reached around $68,000 on June 4, only 0.03% of long-term holders, defined as those holding Bitcoin for more than 155 days, were still at a loss, per a June 4 report from crypto analytics firm Glassnode.

These individuals mostly acquired their Bitcoin during the 2021 bull market when it previously hit a high of $69,000 in November 2021.

Glassnode indicated that at $68,000, the total volume of Bitcoin still held at a loss by long-term holders was "negligible," involving roughly 4,900 Bitcoin valued above the current market price.

If Bitcoin remains above $69,000 over the next several months, all long-term holders should stay in the green.

However, on August 13, the definition of long-term holders will shift to include those who bought Bitcoin on March 11, when the price soared to $72,110.

Currently, Bitcoin is trading at $71,080, based on CoinMarketCap figures.

The report also highlighted that short-term holders, those who have been holding for less than 155 days, bear most of the unrealized losses, particularly those who bought in March before Bitcoin hit its newest high of $73,679 on March 13.

Glassnode remarked, “The Short-Term Holder cohort are shouldering the vast majority of market losses, a condition typically observed during bull market corrections from new ATHs.”

The firm also noted a resurgence of market optimism, stating, “The first glimmers of market speculation appear to be returning after a multi-month price consolidation.”

Despite nearing its all-time high, Bitcoin has struggled to surpass it fully.

On June 6, Bitcoin nearly reached $72,000 but pulled back to around $71,000.

This reticence may be linked to ongoing regulatory uncertainties and concerns about adverse macroeconomic factors.

The upcoming U.S. employment report due on June 7, followed by the Consumer Price Index on June 11, might influence Bitcoin's ability to reach new highs, according to Marcus Thielen, head of Research at 10x Research.

Sources:

https://cointelegraph.com/news/bitcoin-price-long-term-holders-profit-hodl-glassnode-all-time-highs

https://insights.glassnode.com/the-week-onchain-week-23-2024/

https://coinmarketcap.com/currencies/bitcoin/

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