Share of long-term BTC holders with a profit has reached 100%

What’s new? The share of long-term bitcoin holders with unrealized profits reached 100%. In question are users who own coins for 155 days or more, the achievement of the absolute indicator occurred against the background of the growth of the asset’s rate above $71 000. As Glassnode analysts noted in their report, even at a price of $68 000, the number of long-term holders with a loss was insignificant, only about 4900 coins were bought above the current prices.

Glassnode’s report

What else is known? When the bitcoin price was hovering around $68 000 on June 4, the percentage of loss-making long-term holders was 0,03%. This group mainly consisted of those who bought bitcoin during the 2021 bull cycle, when it reached its previous record high of $69 000 in November 2021. Glassnode analysts noted that such a low figure is typical “during bull market corrections from new ATHs.”

If bitcoin stays above $69 000 in the following months, 100% of long-term holders will retain unrealized gains. However, as early as mid-August, those who bought bitcoin on March 13 of this year will also join the group of long-term investors. Then the asset updated the historical maximum at $73 679. Thus, the share of profitable long-term holders may decrease again.

Overall, Glassnode notes “the first glimmers of market speculation appear to be returning after a multi-month price consolidation.” According to them, most of the gains and losses that could be recorded in this price range have already been realized, indicating an increased risk of significant volatility in the near future.

Earlier, CryptoQuant analysts reported that bitcoin miners’ bitcoin holdings have hit a 14-year low, down 50% from their peak.

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On June 3, analyst Ali Martinez allowed the possibility that bitcoin is on its way out of a technical analysis pattern called a symmetrical triangle, according to the price chart. Thus, a solid close above the resistance level of $69 330 potentially leads to a rise to $74 400.

In mid-May, the number of new bitcoin addresses fell to a 2018 low.

At the time of writing the news, BTC is trading at $70 936 on Binance, having added 0,05% overnight. Weekly growth, according to TradingView, amounted to 5%, and the asset has added 68% since the beginning of the year.