Long-term Bitcoin Owners have Unrealized Profits 228%
A study conducted by the analytical firm Glassnode in collaboration with a researcher at Cryptovizart provides an explanation for the unexpected growth of bitcoin to record highs shortly before halving.
Glassnode experts highlighted the aggressive entry of institutional funds into bitcoin (BTC) after the green light was given in the United States for spot exchange-traded bitcoin funds (ETFs). This influx, contrary to critics' doubts, boosted the value of bitcoin, reaching ATH at $70,000 last week, which is 58% more than its value of $42,800 before the approval of the ETF.
Against this background, the remuneration of miners increased from $22 to $49 million per day, and there were also changes in exchange flows. Before the ETF was approved, they were sluggish, but according to Glassnode, after that there was steady demand in the market, as evidenced by daily withdrawals of $17 million.
At the same time, BTC spot ETFs in the United States record an average daily net inflow of $299 million. This led to a daily net inflow of capital into bitcoin in the amount of $267 million, which ensured the rapid growth of BTC to new highs.
The Glassnode analysis also examines the behavior patterns of long-term holders who have increased their market presence due to BTC approaching record levels. This activity corresponds to patterns observed in previous cycles, signaling the onset of a new peak in the market cycle.
As BTC prices gradually approach their peak levels, long-term investors, who currently have an average unrealized gain of about 228%, have begun to sell slowly. Nevertheless, Glassnode analysts note that this phase of sales by long-term holders will soon be balanced.
Source: https://happycoin.club/dolgosrochnye-vladelczy-bitkoina-imeyut-nerealizovannuyu-pribyl-228/
