On Sep. 12, Bitcoin surpassed the $26,000 mark after stagnating around $25,000 for an extended period. Though this price movement has brought a hint of optimism to the market, an analysis of the behavior of long-term holders is crucial for a comprehensive understanding.
Graph showing Bitcoin’s price between Sep. 9 and Sep. 14, 2023 (Source: CryptoSlate BTC)
Long-term holders (LTHs) are investors who retain their Bitcoin for over six months. Their holding or selling patterns are pivotal in determining market sentiment. The actions of this group offer insights into the overall confidence level in the market and potential price movements.
Recent data from Glassnode paints an interesting picture of LTH profitability. While the recent price increase has reflected positively on some LTHs, only 69.28% of the LTH supply is in profit, contrasting sharply with the all-time mean of 81.7%. This data implies that over 30% of the LTHs have not yet reached a profitable state relative to their initi
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