The share of bitcoins promising profit potential has reached 83.7% of the total supply, representing the highest level since November 2021, according to an analyst report from Bitfinex.
Experts noted that the owners of these ~16.3 million BTC “are reluctant to sell, and buyers are not actively seeking supply” of the coins.
“One reason for this is that the actual size of unrealized gains remains modest,” they added.
According to analysts, the ratio between short-term and long-term holders of digital gold is shifting in favor of the latter. As a result, approximately 70% of Bitcoin, or an “unprecedented” 16.3 million BTC, did not move during the year. At the same time, 60% of coins have remained motionless for two years.
According to Bitfinex specialists, the indicators mean that the market is “in a relatively strong position” as coin owners see a positive return on their investments and are in no rush to liquidate assets.
Experts also pointed out that Bitcoin did not move out of its current price range last week, despite the negative news surrounding Binance .
Let us remind you that on Friday, November 24, the price of the first cryptocurrency exceeded $38,000. Matrixport analysts believe that quotes will break through the $40,000 level by the end of the year.
