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Home BREAKING NEWS

Bitcoin Long-Term Holders Flip to Profit as Price Surges

Matoy by Matoy
June 6, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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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.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoin
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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