According to Glassnode, Bitcoin investors are exhibiting significant patience, with a report indicating a super-majority of investors are holding onto $1.2 trillion in unrealized profits. Following a recovery to $107,000, the current price is seen as inadequate to motivate significant selling, prompting many holders to adopt a HODL strategy. Glassnode's data shows that the total unrealized profits are close to last year's peak of $1.3 trillion, with investors averaging a 125% paper gain. The ongoing preference for HODLing is evident, as realized profits and selling pressure from short-term holders are on the decline. Bitcoin is currently trading at $106,170, just below its recent all-time high of $111,970 from May, amidst expectations that market movements in the near term will determine selling behaviors. Analysts have noted that long-term holders' reluctance to sell has restricted Bitcoin’s capacity to surpass the $100,000 mark, as many have offloaded their holdings since the introduction of spot Bitcoin exchange-traded funds in January 2024.

Source 🔗