Bitcoin
Bitcoin (BTC)
$64,676.00 2.71021
Bitcoin price
Ethereum
Ethereum (ETH)
$3,465.71 2.96441
Ethereum price
BNB
BNB (BNB)
$576.74 0.51598
BNB price
Solana
Solana (SOL)
$158.97 4.01343
Solana price
XRP
XRP (XRP)
$0.5864460 11.81038
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000195 8.12582
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 25.20289
Pepe price
Bonk
Bonk (BONK)
$0.0000280 13.77728
Bonk price
Bitcoin
Bitcoin (BTC)
$64,676.00 2.71021
Bitcoin price
Ethereum
Ethereum (ETH)
$3,465.71 2.96441
Ethereum price
BNB
BNB (BNB)
$576.74 0.51598
BNB price
Solana
Solana (SOL)
$158.97 4.01343
Solana price
XRP
XRP (XRP)
$0.5864460 11.81038
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000195 8.12582
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 25.20289
Pepe price
Bonk
Bonk (BONK)
$0.0000280 13.77728
Bonk price
Bitcoin
Bitcoin (BTC)
$64,676.00 2.71021
Bitcoin price
Ethereum
Ethereum (ETH)
$3,465.71 2.96441
Ethereum price
BNB
BNB (BNB)
$576.74 0.51598
BNB price
Solana
Solana (SOL)
$158.97 4.01343
Solana price
XRP
XRP (XRP)
$0.5864460 11.81038
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000195 8.12582
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 25.20289
Pepe price
Bonk
Bonk (BONK)
$0.0000280 13.77728
Bonk price
Bitcoin
Bitcoin (BTC)
$64,676.00 2.71021
Bitcoin price
Ethereum
Ethereum (ETH)
$3,465.71 2.96441
Ethereum price
BNB
BNB (BNB)
$576.74 0.51598
BNB price
Solana
Solana (SOL)
$158.97 4.01343
Solana price
XRP
XRP (XRP)
$0.5864460 11.81038
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000195 8.12582
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 25.20289
Pepe price
Bonk
Bonk (BONK)
$0.0000280 13.77728
Bonk price

Bitcoin’s current price is ‘insufficient’ to motivate holders, Glassnode says

bitcoins-current-price-is-insufficient-to-motivate-holders-glassnode-says
Edited by
Markets
Bitcoin’s current price is ‘insufficient’ to motivate holders, Glassnode says

Although the volume of Bitcoin supply in profit has hit levels last seen in 2021, it is still ‘far insufficient to motivate long-term holders,’ analysts say.

While Bitcoin (BTC) is trying to reach the $40,000 mark, analysts at Glassnode say the crypto so far does not have enough momentum to motivate long-term holders to unload their bags.

In a new digest published on Nov. 21, Glassnode noted that with the recent spike of Bitcoin’s price, over 16.3 million BTCs are now in profit (~83.6% of the circulating supply). This figure is similar to the 2021 bull market highs, analysts added.

Bitcoin's current price is 'insufficient' to motivate holders, Glassnode says - 1
Bitcoin supply in profit as of Nov. 18 | Source: Glassnode

Even though the market appears to be greedy at current price levels, Glassnode noted that most investors are still underwater as the magnitude of unrealized profit has not yet reached a “statistically high level coincident with the heated stages of the bull market.”

“This suggests that whilst a significant volume of the supply is in profit, most have a cost basis, which is only moderately below the current spot price.”

Glassnode

While a cohort of short-term investors declined to a new all-time low, decreasing their holdings by 2.3 million BTC, long-term investors appear to be unwilling to sell their holdings, waiting for a higher unrealized profit, analysts claim.

And it seems that long-terms investors would have to wait a few months longer before favorable conditions arise.

As crypto.news earlier reported, an anonymous Dutch investor and quantitative analyst, PlanB, best known for his stock-to-flow (S2F) model for BTC, believes the cryptocurrency is likely to stay in the $32,000-$64,000 range until the 2024 halving. According to PlanB, the real bull run will come after the halving “unless earlier ETF approval” is granted.