Bitcoiners are showing increasing patience on the sell side, with new data showing a declining number of investors cashing out in anticipation of Bitcoin going higher . “Following a recovery to $107k, a super-majority of Bitcoin investors are now holding unrealized profits,” Glassnode said in a report on Tuesday . It added the trend follows Bitcoin finding strong support around $98,300 — roughly the average price paid by short-term holders or those holding less than 155 days .
Glassnode said Bitcoin total unrealized profits — gains held by investors who haven't sold — has reached $1.2 trillion, nearing its all-time peak of $1.3 trillion hit late last year, with the average investor now holding a paper gain of 125% . “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,” Glassnode said . “HODLing appears to be the dominant market mechanic across a plethora of spending metrics” .
The firm explained that this is reflected in declining realized Bitcoin profits and other onchain metrics such as the long-term holder supply reaching new highs . Glassnode notes that short-term sell pressure is declining . Glassnode reported a sharp drop in selling by short-term holders after a rise around Bitcoin's May all-time high, signaling the market expects Bitcoin to go higher . “This again suggests that the current price range is not compelling enough for investors to continue selling, implying that the market may need to move higher (or lower) to unlock additional supply,” it said .
Bitcoin is trading at $106,170 at the time of publication, according to CoinMarketCap . Bitcoin is currently 5.5% below its May 22 all-time high of $111,970, with market anticipation building after it closed June .
Glassnode said in a report on Tuesday that Bitcoin traders are holding $1.2 trillion in unrealized gains, indicating that the market expects further upside for Bitcoin .