AD
Subscribe

Major Bitcoin (BTC) Price Metric 'Meaningfully Positive,' Glassnode Says

ADVERTISEMENT

Vladislav Sopov
How many long-term holders are in profit right now? New Glassnode report shows optimistic numbers
News
Wed, 17/01/2024 - 16:15
Cover image via www.freepik.com
Read U.TODAY on
Google News
The degree of Unrealized Profit and Loss held by Bitcoin Long-Term Holders (LTH-NUPL) metric by on-chain analyst Glassnode has recovered to pre-Terra crash levels. Is market performance entering a "Belief" phase in January, 2024?

ADVERTISEMENT

Bitcoin (BTC) long-term holders' unrealized profit reaches 55%

By mid-January 2024, the unrealized profit of the average Bitcoin (BTC) long-term holder jumped to 55%, which is "meaningfully positive," on-chain expert Glassnode shared in the latest The Week Onchain report.

The last time Bitcoin "diamond hands" wwere enjoying such profits was in early Q1, 2022, before the Terra Luna ecosystem collapsed. Also, such levels were registered in July 2019, before the "Xi spike," and in August 2020, when crypto markets were triggered by the first "TikTok pumps" of meme coins.
Meanwhile, some holders of this group decided to capitalize on the recent Bitcoin (BTC) upsurge and sell their assets at current prices. Long-Term Holder Supply has also come ever-so-slightly off its ATH, declining by almost 75,000 BTC since November 2023.
Nevertheless, this group of investors is still responsible for a whopping 76.3% of the circulating coin supply. Three out of every four BTC in circulation are stored by long-term holders.
Before Q3, 2023, this metric stayed negative for over a year: passionate Bitcoiners (BTC) held their coins at a loss.