Report: Share of profitable bitcoins reaches a two-year high

The share of bitcoins in profit reached 83.7% of the total supply, the highest reading since November 2021, according to Bitfinex analysts.

Bitfinex Alpha is back with news that 70% of all Bitcoin supply has been untouched for a year, as the HODLers dominate the market ✅

Over 80% of BTC is now in the green, but the hodlers are untempted to sell ?https://t.co/kn8aOcfjfQ pic.twitter.com/AXsh6CDNv4

— Bitfinex (@bitfinex) November 27, 2023

Experts noted that holders of roughly 16.3 million BTC are reluctant to sell, while buyers are not actively seeking offers for coins.

“One reason for this is that the actual size of unrealized profits remains modest,” they added.

According to the analysts, the balance between short-term and long-term holders is shifting in favor of the latter. As a result, about 70% of bitcoins or ‘unprecedented’ 16.3 million BTC have not moved in a year. Meanwhile, 60% of coins have remained unmoved for two years.

In Bitfinex’s view, the metrics imply that the market is ‘in a relatively strong position,’ as holders see a positive return on their investments and are not rushing to liquidate assets.

Experts also noted that Bitcoin did not exit its current trading range last week, despite the negative news backdrop around Binance.

On November 24, the price of the leading cryptocurrency surpassed $38,000. Analysts at Matrixport say that will break above the $40,000 level by year-end.