Key Takeaways
- Bitcoin investors are holding $1.2 trillion in unrealized profits, close to all-time highs.
- Glassnode data shows a strong preference for holding, with realized profits declining and long-term holder supply at record levels.
- Short-term sell pressure has dropped, with current prices not enticing enough to trigger significant selling.
Bitcoin investors are demonstrating increased patience, with the majority now holding $1.2 trillion in unrealized profits, according to Glassnode’s latest report.
The analytics firm noted that, following a price recovery to around $107,000, most investors are refraining from selling, suggesting expectations for higher prices ahead.
This behavior follows bitcoin finding robust support near $98,300, which is close to the average acquisition price for short-term holders—those who have held for less than 155 days.
Glassnode stated:
“HODLing appears to be the dominant market mechanic across a plethora of spending metrics.”
Long term holder supply
The report highlights that realized profits have declined and onchain indicators such as long-term holder supply have reached new highs, reinforcing the trend of holding over selling.
Despite the total unrealized profit nearing its all-time high of $1.3 trillion, the average investor is now sitting on a 125% paper gain.
Declining sell pressure from short-term holders
Glassnode also observed a sharp decline in selling from short-term holders after an uptick near bitcoin’s May all-time high.
This pattern indicates that the current price range, roughly 5.5% below the May 22 record of $111,970, is not enticing enough to trigger widespread profit-taking.
Charles Edwards, founder of Capriole Investments, attributed bitcoin’s inability to break above the $100,000 mark to selling by long-term holders since the launch of spot bitcoin ETFs in January 2024.
