My crypto people! Hold on because this is a bombshell! 💣 The analysis platform Glassnode just dropped a jaw-dropping fact: Bitcoin (BTC) investors have accumulated $1.2 trillion in unrealized gains! Just as you hear it, an astronomical amount of cash waiting there! 🤑 This happens while the king of cryptocurrencies stays close to its all-time high. Things are heating up! 🔥
HODL, the philosophy that pays! 💪
According to Glassnode, this pile of unrealized gains is due to "HODLing" (that is, holding the coins without selling them, with faith and patience!) still being the dominant behavior. Despite the profitability skyrocketing, people prefer to keep their Bitcoins. It's as if they are saying: "This price is good, but I know it will be better!". 🚀
This is clear because realized gains (that is, the ones already pocketed) have decreased. Additionally, an indicator called "vitality" is dropping, which means people are holding their Bitcoins for longer. And the supply of "long-term holders" (those who have kept their Bitcoins stored for a good while) is at a new all-time high! That is pure confidence, my people! ✨
A possible massive sell-off or a sign of strength? 🤔
Now, here comes the spicy data: Glassnode warns that those $1.2 trillion in unrealized gains could become a "possible selling pressure" if market sentiment changes or if Bitcoin goes out of the current price range. It's like having a ticking time bomb with a lot of cash, you know? If fear takes over, people might start selling to secure those gains. Stay alert! 👀
But for now, the preference is to hold. Investors feel that the current price is not enough to make selling worthwhile. It's like saying the plate of food is good, but they know a feast is coming. 🍽️
Are we at the top of the mountain? Not as much as before! ⛰️
Even though we are talking about trillions, Glassnode says that the gains investors are seeing now are relatively lower compared to other times when Bitcoin surpassed its all-time highs.
For example, right now daily gains of about $872 million are being taken. That's a lot! But compared to the $2.8 billion and $3.2 billion seen when Bitcoin reached $73,000 and $107,000 respectively, it's considerably less!
At the time of writing this, Bitcoin is trading at around $109,422. So the adventure continues for the king of cryptocurrencies! Will people keep holding or will we see an avalanche of sales? Only time will tell, my people! Keep an eye on $BTC 📈
