Bitcoin Price Uptrend ‘Intact’ with Hodlers 120% in Profit

Bitcoin Price Uptrend ‘Intact’ with Hodlers 120% in Profit

Despite experiencing a period of significant price stabilization and public sentiment characterized by “boredom and apathy,” Bitcoin hodlers remain largely in profit, according to the latest findings. Recent research from analytics firm Glassnode has shown that, contrary to widespread belief, most Bitcoin investors are not seeing their potential gains wiped out by the current price consolidation.

Glassnode Dismisses Fears Over Investor Losses

In its weekly newsletter, “The Week On-Chain,” published on June 18, Glassnode addressed concerns about Bitcoin’s sideways trading pattern. The report highlights that while the BTC price may be oscillating within a confined range, the majority of Bitcoin holders have not reached a point of capitulation.

“Bitcoin prices are consolidating within a well-established trade range. Investors remain in a generally favorable position, with over 87% of the circulating supply held in profit, with a cost basis below the spot price,” the newsletter explained.

Market Value to Realized Value (MVRV) Ratio Shows Positive Signs

Utilizing the Market Value to Realized Value (MVRV) metric, Glassnode’s research demonstrated that on average, Bitcoin is still trading at a profit margin exceeding 120% against its purchase price in USD terms. The one-year average value of the MVRV ratio stands at 86%, suggesting that the macro uptrend for Bitcoin remains intact despite the market’s recent lack of momentum.

Bitcoin Speculators Show No Signs of Capitulation

Amid minor panics following this week’s price fluctuations, Glassnode’s findings offer a contrasting perspective to the more alarmist views circulating in the crypto community. The report states, “BTC’s sideways price movement tends to manifest as investor boredom and apathy, which appears to be the dominant response across all Bitcoin markets.”

Furthermore, despite the decrease in unrealized gains, the data indicates that short-term holders (STHs) are not gearing up for a mass sell-off at the current prices. “At present, Short-Term Holders are sending around +17.4k BTC/day to exchanges, which is significantly lower than the peak of +55k BTC/day recorded as the market hit the $73k all-time high in March,” Glassnode noted, emphasizing that the levels of speculation have not reached excessively high levels.


The latest insights from Glassnode reassure that despite a less eventful market phase, Bitcoin’s foundational market dynamics remain robust. The enduring profitability for the majority of Bitcoin holders underlines a sustained confidence in the cryptocurrency’s long-term value, even as day-to-day fluctuations prompt debates about its immediate future. As the market continues to mature, these periods of consolidation may become more common, potentially leading to a more stable and less speculative investment environment.

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