Half of Bitcoin is held at unrealized net profit

[ad_1]

At the 6M and 1Y view, the Bitcoin price chart is screaming “crypto winter.” Last November, he ordered $68,000. Since mid-June this year, however, it has been hovering around the $20,000 level. But today, just over half of the holders have an unrealized net profit.

The Bitcoin price rose sharply last week, starting on Wednesday. King PoW posted a double-digit percentage gain at the height of the surge on Friday and has been rising ever since. After recovering above the $20,000 level this week, bitcoin price action flushed out $160 million worth of bitcoin shorts.

But even before this rally, almost 50% of BTC holders were in positive or unrealized gain territory. This is according to an on-chain metric called Net Unrealized Profit or Loss (NUPL).

Bitcoin held at an unrealized profit is a loss

“Unrealized” simply means that this metric is for those who have not sold. It’s a measure of whether they would win or lose if they sold at the current average market price.

On Wednesday last week, just before the week’s bitcoin price surge, 47%, or nearly half of bitcoin holders, had a profit on their hands, by some estimates. Today, that number is even higher.

Another estimate from earlier this week, based on analysis of CryptoQuant data, pegs that percentage at an even tighter margin, with the NUPL at -0.07.

NUPL describes whether Bitcoin holders have a profit or loss on their hands. When the number is positive, more investors hold unrealized profits, and when it is negative, more investors hold unrealized losses.

With this number so close to 0, the percentage of bitcoin held at a profit is almost equal to that held at a loss if the holder were to sell on the day the metric was taken.

Decrease in BTC addresses held at a loss over 7 days

Data from GlassNode also shows that the number of 7-day bitcoin addresses holding a loss veering sharply into parity with the coin held profitably at the end of August and during this month.

Meanwhile, long-term holders cling to their BTC and pull it out of liquid exchanges to keep it. A report from SAXO Markets earlier this month noted that:

“In August, Bitcoin exchanges saw a sharp pullback. Around 9% of the total supply now remains on the stock market, compared to 12% at the start of the year. A lower FX balance is usually associated with less potential selling pressure.

Even in March, with bitcoin price in a steep capitulation from November-January prices and facing huge resistance, only 40% of holders were underwater.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,990.20
ethereum
Ethereum (ETH) $ 1,286.53
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.31
usd-coin
USD Coin (USDC) $ 0.999443
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392501
dogecoin
Dogecoin (DOGE) $ 0.099758
cardano
Cardano (ADA) $ 0.320446
matic-network
Polygon (MATIC) $ 0.926014
polkadot
Polkadot (DOT) $ 5.62
staked-ether
Lido Staked Ether (STETH) $ 1,270.38
okb
OKB (OKB) $ 22.18
litecoin
Litecoin (LTC) $ 76.99
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054459
solana
Solana (SOL) $ 13.70
uniswap
Uniswap (UNI) $ 6.19
avalanche-2
Avalanche (AVAX) $ 13.35
chainlink
Chainlink (LINK) $ 7.59
leo-token
LEO Token (LEO) $ 3.85
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,008.48
cosmos
Cosmos Hub (ATOM) $ 10.31
ethereum-classic
Ethereum Classic (ETC) $ 19.72
monero
Monero (XMR) $ 145.79
the-open-network
The Open Network (TON) $ 1.78
stellar
Stellar (XLM) $ 0.088306
bitcoin-cash
Bitcoin Cash (BCH) $ 110.61
quant-network
Quant (QNT) $ 130.52
algorand
Algorand (ALGO) $ 0.244446
crypto-com-chain
Cronos (CRO) $ 0.064673
filecoin
Filecoin (FIL) $ 4.60
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 3.92
vechain
VeChain (VET) $ 0.019346
hedera-hashgraph
Hedera (HBAR) $ 0.049126
internet-computer
Internet Computer (ICP) $ 4.29
flow
Flow (FLOW) $ 1.11
terra-luna
Terra Luna Classic (LUNC) $ 0.000181
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.69
eos
EOS (EOS) $ 0.944533
frax
Frax (FRAX) $ 0.998634
trust-wallet-token
Trust Wallet (TWT) $ 2.41
the-sandbox
The Sandbox (SAND) $ 0.604341
tezos
Tezos (XTZ) $ 1.03
aave
Aave (AAVE) $ 65.35
theta-token
Theta Network (THETA) $ 0.915769
chiliz
Chiliz (CHZ) $ 0.170974
huobi-token
Huobi (HT) $ 6.84
lido-dao
Lido DAO (LDO) $ 1.11
chain-2
Chain (XCN) $ 0.040221
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 42.26
axie-infinity
Axie Infinity (AXS) $ 7.00
paxos-standard
Pax Dollar (USDP) $ 1.00
decentraland
Decentraland (MANA) $ 0.42276
usdd
USDD (USDD) $ 0.987682
bittorrent
BitTorrent (BTT) $ 0.00000070408064
pancakeswap-token
PancakeSwap (CAKE) $ 4.01
aptos
Aptos (APT) $ 4.94
kucoin-shares
KuCoin (KCS) $ 6.56
tokenize-xchange
Tokenize Xchange (TKX) $ 7.82
fantom
Fantom (FTM) $ 0.241933
zcash
Zcash (ZEC) $ 46.18
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
iota
IOTA (MIOTA) $ 0.213457
klay-token
Klaytn (KLAY) $ 0.193825
compound-usd-coin
cUSDC (CUSDC) $ 0.02274
whitebit
WhiteBIT Token (WBT) $ 4.85
maker
Maker (MKR) $ 644.09
ecash
eCash (XEC) $ 0.00003
gatechain-token
Gate (GT) $ 3.62
dash
Dash (DASH) $ 46.06
neo
NEO (NEO) $ 6.98
osmosis
Osmosis (OSMO) $ 0.993877
pax-gold
PAX Gold (PAXG) $ 1,784.97
the-graph
The Graph (GRT) $ 0.06517
arweave
Arweave (AR) $ 9.42
btse-token
BTSE Token (BTSE) $ 2.85
gmx
GMX (GMX) $ 54.48
compound-ether
cETH (CETH) $ 25.79
mina-protocol
Mina Protocol (MINA) $ 0.571231
tether-gold
Tether Gold (XAUT) $ 1,736.53
cdai
cDAI (CDAI) $ 0.022149
havven
Synthetix Network (SNX) $ 1.75
curve-dao-token
Curve DAO (CRV) $ 0.644597
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.85
thorchain
THORChain (RUNE) $ 1.36
rocket-pool
Rocket Pool (RPL) $ 20.41
radix
Radix (XRD) $ 0.036731
ethereum-name-service
Ethereum Name Service (ENS) $ 13.99
nexo
NEXO (NEXO) $ 0.642095
basic-attention-token
Basic Attention (BAT) $ 0.237439
frax-share
Frax Share (FXS) $ 4.88
zilliqa
Zilliqa (ZIL) $ 0.023114
kava
Kava (KAVA) $ 0.915398
immutable-x
ImmutableX (IMX) $ 0.476723
binaryx
BinaryX (BNX) $ 128.91
blockstack
Stacks (STX) $ 0.252392