Bitcoin Hodlers Still Profitable Despite Price Dip, Research Shows

Despite the recent dip in Bitcoin's price, new research from Glassnode indicates that a majority of Bitcoin hodlers are still in a favorable position, with over 87% of the circulating supply held in profit. This is because Bitcoin has been consolidating within a trade range, causing investor apathy rather than capitulation. The Market Value to Realized Value (MVRV) metric shows that Bitcoin is still up over 120% on average, suggesting the macro uptrend remains intact. While short-term holders (STHs) are seeing their unrealized gains diminish, they are not currently preparing for a mass sell-off. Despite seeing unrealized gains fading, STH entities themselves are not preparing for a mass sell-off at current prices, Glassnode notes.