A recent analysis by Glassnode reveals Bitcoin holders are seeing significant profits amid the cryptocurrency's rising value.
Reasons Behind Bitcoin Price Surge
Bitcoin's price recently bounced back from a crucial support level at $98,300, identified as a break-even point for short-term investors. This level marks an important turning point, helping to distinguish bullish and bearish trends. Due to the price increase, investors are once again in profitable zones.
Investor Expectations
Despite realizing $1.2 trillion in potential profits, there is a prevailing tendency among investors to hold. Long-term investors continue to accumulate Bitcoin at record levels, indicating notable restraint in realizing profits.
Key Findings of the Analysis
The current market cap of Bitcoin, calculated by circulating supply, stands at approximately $2.13 trillion. Its realized market cap, based on the last trading value, is noted at $958 billion, with Bitcoin trading at $108,834, marking a 2.97% rise in the recent 24 hours. Experts suggest that unless Bitcoin prices rise significantly, there is little motivation for investors to liquidate their holdings at the moment, despite the attractive profits.
The analysis emphasizes the crucial role of long-term investors in the market dynamic, with significant holdings contributing to reduced selling pressure. This supply concentration is anticipated to help stabilize prices moving forward.
