dailyhodl.com
The crypto analytics firm Glassnode says most Bitcoin (BTC) holders are now seeing substantial gains in their investments.
In a new report, Glassnode says that “a super-majority of Bitcoin investors” are currently holding unrealized profits following the flagship cryptocurrency’s recovery to $107,000.
Holders now have an average paper gain of 125%.
“After finding firm support at the Short-Term Holder cost basis of $98,300, a level that often delineates local bull and bear regimes, Bitcoin rebounded to $107,000. This move pushed the majority of investors back into profit, with total unrealized gains reaching a staggering $1.2 trillion.”
The dominant market behavior suggests that investors are unlikely to cash out their gains. The report says the current price level appears less attractive for profit-taking than when Bitcoin breached the three-digit mark.
“Despite this surge in profitability, investor behavior signals a strong preference for HODLing, as the current price range appears insufficient to trigger significant profit-taking. This is reflected in declining realized profits, a continued downtrend in Liveliness, and Long-Term Holder supply climbing to a new all-time high.”
Bitcoin’s market capitalization, which takes into account the digital asset’s circulating supply at the current market price, currently sits at $2.13 trillion. BTC’s realized cap, which values each coin at the last transacted price, is pegged at $958 billion.
The flagship crypto asset is trading for $108,834 at time of writing, up by 2.97% over the past 24 hours.
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