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According to Calendar Profit, a social media platform dedicated to monitoring the profitability of cryptocurrency coins, Bitcoin holders have been profiting on 97.6% of all days since Bitcoin’s inception in 2013.
— When was buying Bitcoin profitable? (@CalendarProfit) August 19, 2020
Bitcoin Long-Term Investors Enjoying Gains
What this means is that nearly 98% of Bitcoin which has not been spent, transacted, sold or traded is sitting at a profit. As Glassnode reported, only 2.4% of Bitcoin unspent transaction outputs (UXTOs) were created when the price of Bitcoin was higher than it is presently (around $12,000 USD.)
This points towards the fact that a high majority of those who bought Bitcoin and held the cryptocurrency asset as a long term investment is now looking at profits. Glassnode stated that this could be representing a bull run as Bitcoin moves towards new record values:
“Extended periods at this level and above are characteristic of bull runs as BTC moves toward new all-time highs (at which point the metric reaches 100%).”
Bullish Sentiment Around Bitcoin
Glassnode’s report also pointed out that the sentiment surrounding Bitcoin is bullish. Using a metric to report, the report shows that this could help the cryptocurrency see an increase in value as those who are holding might start adding to their portfolios. As per the report:
“Sentiment also experienced a 4 point increase over Week 33, with increases in both the investor sentiment and saving behavior subcategories. The 6 point increase in saving behavior signifies that hodlers have started accumulating more BTC once again.”
As a volatile asset, Bitcoin price is often easily influenced by the sentiment as investors and traders in the market speculate about the future value. At present, the positive sentiment might be a guiding factor in directing Bitcoin price as it gains and maintains higher values.