Bitcoin holders face “boredom and apathy” but are not engaging in mass distribution — even as the BTC price dip erodes unrealized profits.
Despite Bitcoin’s sideways price action, holders remain profitable with a 120% gain on average. Research from Glassnode dispels myths about mass sell-offs.
Bitcoin holders are navigating a period of “boredom and apathy” without resorting to mass distribution, even as the recent BTC price dip affects unrealized profits.
New research from Glassnode highlights that Bitcoin remains “largely profitable” despite months of stagnant price action.
This stability underscores the robustness of Bitcoin holders' investment strategies amidst market consolidation.
Key Points:
Stable Profits Amidst Stagnation:
Bitcoin remains within a tight trading range, with holders retaining profits.
Glassnode’s weekly newsletter emphasizes Bitcoin’s consolidation phase over capitulation.
On-Chain Metrics Indicate Consolidation:
Various metrics show Bitcoin achieving equilibrium.
Holders hold a significant portion of the circulating supply in profit, with cost bases below current prices.
Market Value to Realized Value (MVRV) Analysis:
MVRV metric indicates significant gains compared to purchase prices.
The MVRV Ratio above the yearly baseline suggests the macro uptrend for Bitcoin persists.
Short-Term Holder (STH) Activity:
Despite unrealized gain declines, STHs are not preparing for mass sell-offs.
BTC flows to exchanges by STHs are lower than during peak speculation.
Investor Sentiment: * Market sentiment reflects “investor boredom and apathy,” not panic selling.
The majority of Bitcoin investors continue to hold, anticipating future gains.
The latest research from Glassnode highlights a resilient Bitcoin market. Despite recent price fluctuations and consolidation, holders maintain profits and show confidence in the macro uptrend. This steady investor behavior underscores effective long-term investment strategies amidst market challenges.
Source: Cointelegraph
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