Key Takeaways:Bitcoin’s unrealized profits have reached $1.2 trillion, near record highs.Glassnode says a “super-majority” of investors are choosing to HODL rather than sell.Selling pressure from short-term holders is declining, while long-term holders dominate supply.Bitcoin is trading 5.5% below its all-time high of $111,970 amid growing bullish sentiment.Bitcoin investors are increasingly opting to HODL rather than sell, even as unrealized profits hit $1.2 trillion, according to a new report from Glassnode. The blockchain analytics firm says the current price action is not compelling enough to trigger mass profit-taking, suggesting the market is waiting for a stronger breakout.“Following a recovery to $107K, a super-majority of Bitcoin investors are now holding unrealized profits,” the firm reported Tuesday. It highlighted that Bitcoin has found strong support at around $98,300, which represents the average acquisition cost for short-term holders (investors holding for less than 155 days).Investors Hold with 125% Average Paper GainsGlassnode estimates the average investor is currently sitting on a 125% paper gain, as total unrealized profits edge closer to their previous all-time high of $1.3 trillion recorded in late 2024.“Despite this surge in profitability, investor behavior signals a strong preference for HODLing,” the report stated. “HODLing appears to be the dominant market mechanic across a plethora of spending metrics.”This trend is reinforced by multiple on-chain indicators showing:Declining realized profitsNew highs in long-term holder supplyReduced selling pressure from short-term holdersThe data suggests that investor conviction remains high, with many believing that the current price range is not high enough to warrant selling.Market Eyes Next Leg HigherBitcoin is currently trading at $106,170, about 5.5% below its all-time high of $111,970 reached on May 22, according to CoinMarketCap. Notably, Bitcoin ended June with its highest monthly close on record, above $107,000 — a technical signal that’s adding to bullish momentum heading into July.Despite this, some analysts note that selling by long-term holders has weighed on Bitcoin’s breakout potential. Charles Edwards, founder of Capriole Investments, recently stated that Bitcoin’s inability to decisively break out of the $100K range is partly due to long-term holder sell pressure, especially after the launch of spot Bitcoin ETFs in January 2024.“Long-term holders have been dumping on Wall Street,” Edwards said, referring to institutional selling into ETF demand.Still, Glassnode’s data indicates that most long-term holders remain committed, and the market may need a decisive move either above or below the current range to unlock additional supply, according to Cointelegraph.
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