Bitcoin Sentiment Remains Positive, Could Impact Future Value

New data shows that nearly 98% of all Bitcoin holders are enjoying gains from investing in the cryptocurrency

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.

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.

Related Articles

BlackRock Acknowledges Bitcoin’s Progress in Latest Spot Bitcoin ETF Ad

A mature approach by BlackRock to promoting its new spot ETF with an ad labelling Bitcoin simply as 'progress'.

The MicroStrategy Effect: Bitcoin’s Exposure to Millions Through S&P 500 Listing

To have a chance of making it on popular index MicroStrategy would need to rise another $3.7 billion market cap.

Coinbase Ends Native Bitcoin Payments for Merchants

Coinbase Commerce will discontinue support for BTC and similar UTXO coins, shoppers will need Coinbase account to use BTC for payments.

Understanding Bitcoin Escrow Services

Understanding what Bitcoin escrow is and the benefits plus protocols escrow services offer to buyers and sellers.

See All