100% Bitcoin Long-Term Traders Profit Now As BTC Crosses $71K
Unexpected losses for long-term holders of the last remaining Bitcoin (BTC) have now turned into profits again as the price of Bitcoin rose to an all-time high from November 2021.
As the price of Bitcoin hovered around $68,000 on June 4, long-term holders, “0.03%” — those who held bitcoin for more than 155 days — were still “in a loss position,” according to a June 4 report by crypto analytics firm Glassnode.
This group mainly consists of those who bought Bitcoin during the 2021 bull cycle, which reached its previous all-time high of $69,000 in November 2021.
Glassnode said that even at $68,000, the total amount of long-term holders at the loss was “small,” with roughly 4,900 Bitcoin bought from the current spot price.
As long as Bitcoin holds above $69,000 for the next few months, all long-term Bitcoin holders will remain in profit. However, in the year On August 13, the 155-day LTH timeframe includes March 11, the day Bitcoin reached $72,110.
At the time of publication, Bitcoin is trading at $71,080 according to CoinMarketCap data.
Glassnode says short-term holders — those who have held bitcoin for less than 155 days — bore most of the unexpected losses. These mainly bought in March before Bitcoin hit its current all-time high of $73,679 on March 13.
“The short-holder group is bearing the brunt of the market's losses, especially in bull market corrections from new ATHs,” he wrote.
Glassnode believes the recent price jump is fueling renewed market speculation.
“Early market expectations seem to be a rebound after several months of price consolidation,” he noted.
Related: Bitcoin Price ‘fuses' to Reach New ATH at $72K – Analyst
However, despite being so close, Bitcoin is still struggling to pass the peak.
On June 6, Bitcoin price approached the $72,000 mark but fell short, returning to $71,000.
Cointelegraph reports that this could be due to a few factors, including the ongoing regulatory uncertainty and fear of negative macroeconomic events.
The US employment report will be released on June 7, followed by the consumer price index on June 11, and if both post lower results, it could help bitcoin reach new all-time highs, the head of 10x Research said. Marcus Thielen.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
