Bitcoin Price Surge To $71,000 Sends All Long-Term Holders Into Profit, What About Short-Term Holders?
2024年6月7日 - 6:00AM
NEWSBTC
Bitcoin long-term holders are back in profit following the flagship
crypto’s recent price surge. However, the same can’t be said for
most short-term holders yet, given the levels at which they
purchased their Bitcoin holdings. Only 0.03% Of Long-term
Bitcoin Holder Supply In Loss In a recent market report, on-chain
analytics platform Glassnode claimed that the total volume of
long-term holder (LTH) supply held in loss is “negligible,” with
only 4,900 BTC (0.03% of LTH) acquired above Bitcoin’s current
price. These long-term holders in loss are said to have been those
who bought the 2021 cycle top and have held since then.
Related Reading: Analyst Says Get Ready As Dogecoin Enters
‘Expansion Stage’, Can DOGE Reach $12? Long-term holders currently
account for over 85% of the Bitcoin supply in profit. Glassnode
noted that this was to be expected, given that the LTH supply in
loss during the euphoric phase of the bull market “tends towards
zero.” Therefore, this LTH will keep accounting for most of the
supply in profit as the bull run progresses. Tokens held for
more than 155 days fall under this LTH supply, although most
investors in this category are likely those who held with high
conviction throughout the last bear market, even as Bitcoin dropped
below $20,000. Back then, this LTH supply accounted for most of the
unrealized losses. Short-Term Holder Supply Accounts For Most
Unrealized Loss Glassnode revealed that the short-term holder (STH)
supply currently accounts for most of the market losses as these
investors continue to buy the flagship crypto near local and global
highs. As such, these holders automatically fall back into a loss
whenever Bitcoin encounters a price correction. Data from
Glassnode shows that 1 million BTC (26.6%) out of the 3.35 million
BTC representing the STH supply are currently at a loss. An
overwhelming 56% (1.9 million BTC) of the STH supply is said to
have moved into an unrealized loss when Bitcoin recently
experienced a price drawdown to the $58,000 level. Related
Reading: Popular Analyst Predicts Dogecoin Will Outperform Bitcoin
As Market Enters Meme Coin Super Cycle Glassnode also revealed that
a “significant cluster” of STH coins was accumulated close to the
current spot price. This is significant considering how investors
who invested in this region could react to any volatile price
fluctuations, irrespective of what direction they take. A
significant drop or increase in Bitcoin’s price could lead these
investors to offload their tokens. Besides these short-term
holders, Glassnode suggested that the ‘Single-Cycle holders’ are
another group of investors to keep an eye on. These investors have
been holding a “significant magnitude of unrealized profit” since
Bitcoin broke above the $40,000 range. They already took some
profits when Bitcoin hit its current all-time high (ATH) of $73,000
in March and will likely offload more of their tokens as Bitcoin
reaches a new ATH.
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