- According to Glassnode analysts, the cryptocurrency currently lacks sufficient momentum to encourage long-term holders to empty their wallets.
- In a new summary released by Glassnode on November 21, with the recent increase in Bitcoin
’s price, it mentioned that 16.3 million BTC is currently in profit. - While a group of short-term investors reduced their BTC holdings by 2.3 million BTC, causing a new all-time low, long-term investors seem reluctant to sell their assets.
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According to on-chain analysts’ assessments, the Bitcoin price is not at a sufficient level to motivate BTC investors.
Bitcoin Price Not Enough to Motivate Investors
Although Bitcoin’s price is attempting to reach $40,000, according to Glassnode analysts, the cryptocurrency currently lacks sufficient momentum to encourage long-term holders to empty their wallets.
In a new summary released by Glassnode on November 21, with the recent increase in Bitcoin’s price, it mentioned that 16.3 million BTC is currently in profit (83.6% of the circulating supply). Analysts added that this figure resembles the peaks of the 2021 bull market.
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While the market may seem greedy at current price levels, Glassnode stated that most investors still haven’t reached a statistically high level of unrealized profit based on cost, despite the “heating stages of the bull market.”
Glassnode stated, “This indicates a significant portion of the supply is in profit, with most cost bases only slightly below the current spot price.”
While a group of short-term investors caused a new all-time low by reducing their BTC holdings by 2.3 million BTC, long-term investors seem unwilling to sell their assets and are expecting higher unrealized profits, according to analysts. It appears that long-term investors may have to wait for favorable conditions for a few more months.
Bitcoin and S2F Model
As previously reported, investor and quantitative analyst PlanB, known for the Stock-to-Flow (S2F) model for BTC, believes there is a possibility that the cryptocurrency will remain in the range of $32,000 to $64,000 until the 2024 halving. According to PlanB, a real bull run will come after the halving or “earlier if ETF approval is obtained.”
