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Bitcoin Long-Term Holders Flip to Profit as Price Surges

by Matoy
June 6, 2024
in Breaking News, Crypto
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Bitcoin Long-Term Holders Flip to Profit as Price Surges
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  • Bitcoin long-term holders are now in profit as BTC surpasses its 2021 high.
  • 0.03% of long-term holders were at a loss when Bitcoin hit $68,000.
  • Short-term holders are bearing most unrealized losses amid market fluctuations.

Bitcoin’s recent price surge has flipped the remaining long-term holders with unrealized losses back into profit. As Bitcoin’s price broke above its November 2021 all-time high, those who held Bitcoin for over 155 days saw significant gains. According to a June 4 report by crypto analysis firm Glassnode, only 0.03% of long-term holders were in a “position of loss” when Bitcoin hovered around $68,000. This group primarily consisted of those who purchased Bitcoin during the 2021 bull cycle, when it reached its previous all-time high of $69,000. Glassnode noted that at $68,000, the volume of long-term holders at a loss was minimal, with around 4,900 Bitcoin purchased above the current spot price.

Short-Term Holders Face Losses

While long-term holders are now in profit, short-term holders — those holding Bitcoin for less than 155 days — are shouldering most of the unrealized losses. These losses are mainly from purchases made in March before Bitcoin hit its current all-time high of $73,679 on March 13. Glassnode observed that short-term holders typically bear the brunt of market losses during bull market corrections from new all-time highs.

Market Anticipation and Future Outlook

Despite Bitcoin’s significant price jump, it has yet to surpass its all-time high. On June 6, Bitcoin approached $72,000 but fell back to around $71,000. Analysts attribute this to ongoing regulatory uncertainties and fears of adverse macroeconomic events. The upcoming U.S. employment report on June 7 and the Consumer Price Index on June 11 could influence Bitcoin’s trajectory. Lower results from these reports could help propel Bitcoin to new all-time highs, according to 10x Research head of Research Marcus Thielen.

Tags: Bitcoin
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