According to data from on-chain analytics platform Glassnode, Bitcoin investors are currently holding approximately $1.2 trillion in unrealized profits. This impressive figure reflects the paper gains that long-term investors have accumulated as Bitcoin continues to trade near record highs.
Changes in the Bitcoin investor base
Data from Glassnode shows that the average unrealized profit of each investor is around 125%, lower than the 180% recorded in March 2024, when the BTC price peaked at $73,000.
Unrealized profits of Bitcoin | Source: Glassnode
However, despite significant unrealized gains, investor behavior shows no rush to sell. Previously, Bitcoin Magazine reported that daily realized profits remain relatively modest, averaging only $872 million.
This is in stark contrast to previous price surges, when realized profits soared from $2.8 billion to $3.2 billion at BTC prices of $73,000 and $107,000, respectively.
Moreover, the current market psychology indicates that investors are waiting for a stronger price movement before adjusting their positions. This trend suggests that long-term investors have strong confidence, with accumulation continuing to outweigh selling pressure.
"This emphasizes that HODLing remains the primary market behavior in the investor community, with accumulation and mature inflows far exceeding distribution pressure," Glassnode noted.
Changes in the investor profile
Meanwhile, Bitcoin analyst Rezo pointed out that the current trend reflects a fundamental shift in the profile of Bitcoin holders that has developed significantly. According to him, the typical BTC investor has shifted from short-term speculative traders to long-term investors and institutional allocations.
Rezo emphasized the increasing influence of institutional investors, such as ETF funds and public companies like Strategy (formerly MicroStrategy).
"The holding base has changed – from traders looking to exit to allocators seeking opportunities. MicroStrategy, with tens of billions of dollars in unrealized profits, continues to increase its holdings. ETF funds create ongoing demand, not just day traders," he said.
Bitcoin inflows into ETFs and public companies | Source: CNBC
Notably, public companies like Strategy have increased their Bitcoin holdings by 18% in Q2, while ETF funds' exposure to Bitcoin also rose by 8% during the same period.
Based on these factors, Rezo concluded that most short-term sellers have likely exited the market in the price range of $70,000 to $100,000. He also believes that what remains are investors who view Bitcoin not only as a speculative trade but also as a long-term strategic allocation.
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