The remaining Bitcoin long-term holders with unrealized losses have now flipped back into profit as Bitcoin’s price broke above its November 2021 all-time high.
When the price of Bitcoin (BTC) hovered around $68,000 on June 4, 0.03% of long-term holders — those who have held Bitcoin for over 155 days — were still in a “position of loss,” according to a June 4 report published by crypto analysis firm Glassnode.
This group mainly consisted of those who purchased Bitcoin during the 2021 bull cycle, when it reached its previous all-time high of $69,000 in November 2021.
Glassnode noted that even at $68,000, the total volume of long-term holders at a loss was “negligible,” with approximately 4,900 Bitcoin purchased above the current spot price.
As long as Bitcoin holds above $69,000 for the next few months, all long-term Bitcoin holders will remain in profit. However, come Aug. 13, the 155-day LTH timeframe will include March 11, the day Bitcoin surged to $72,110.
At the time of publication, Bitcoin is trading at $71,080, according to CoinMarketCap data.
Glassnode noted that short-term holders — those holding Bitcoin for less than 155 days — are carrying most of the unrealized losses. These are mainly those who purchased in March ahead of Bitcoin reaching its current all-time high of $73,679 on March 13.
“The Short-Term Holder cohort are shouldering the vast majority of market losses, a condition typically observed during bull market corrections from new ATHs,” it wrote.
Glassnode believes that the recent price jump is sparking renewed market anticipation.
“The first glimmers of market speculation appear to be returning after a multi-month price consolidation,” it declared.
Related: Bitcoin price at $72K is the ‘fuse’ to reach new ATH — Analyst
However, despite getting very close, Bitcoin is still struggling to pass its all-time high.
On June 6, Bitcoin’s price approached the $72,000 mark but fell short, retracing back toward $71,000.
Cointelegraph reported this may be due to a handful of reasons, including regulatory uncertainty still persisting and fears of negative macroeconomic events.
The United States employment report is set to be released on June 7, followed by the Consumer Price Index on June 11, and if both print lower results, it could help propel Bitcoin to new all-time highs, according to 10x Research head of Research Marcus Thielen.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.