Glassnode said Bitcoin’s current price “is not compelling enough for investors to continue selling” as unrealized profits hit $1.2 trillion.
Bitcoiners are showing increasing patience on the sell side, with new data showing a declining number of investors cashing out in anticipation of Bitcoin going higher.
“Following a recovery to $107k, a super-majority of Bitcoin investors are now holding unrealized profits,” Glassnode said in a report on Tuesday. It added the trend follows Bitcoin (BTC) finding strong support around $98,300 — roughly the average price paid by short-term holders or those holding less than 155 days.
Glassnode said Bitcoin total unrealized profits — gains held by investors who haven’t sold — has reached $1.2 trillion, nearing its all-time peak of $1.3 trillion hit late last year, with the average investor now holding a paper gain of 125%
