Long-term investors in bitcoin intend to wait for its price to rise

Selling bitcoins to long-term participants in the cryptosphere would make a loss now.
Most long-term bitcoin investors who have held these digital assets for at least six months and who have accumulated a total of 13.8 million BTC are not selling, Glassnode research shows. The fact is that now selling bitcoins for such cryptosphere participants would bring them losses, so their strategy is to wait for the No. 1 cryptocurrency to resume rising in price.
A sale of just 6 million BTC, if made today, would mean losses for their holders. The figure is a record: the last time the volume of bitcoins above 5 million for which there was an unrealized loss was noted only in 2015, 2019 and 2020. Despite such unrealized losses now, long-term bitcoin investors currently have about 78% of the total supply of this cryptocurrency – the same amount as during the bear market in 2015.
In addition, it was noticed that these cryptosphere participants added a total of about 1 million BTC to their balance sheets in November, taking advantage of the fact that the bitcoin price began to decline after the collapse of the cryptocurrency Luna in May this year. Investors were looking for a “bottom” on bitcoin and in November estimated as high probability that it was almost reached.
Meanwhile, 65% of the time horizon for the next halving – halving the reward for each block found in the bitcoin blockchain – has now been passed. In previous market cycles, passing the 65% mark marked the bottom of the bitcoin price.

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