JAKARTA The on-chain analysis shows that certain Bitcoin investors sold this major cryptocurrency at $23,000 earlier this month. The latest report from blockchain intelligence provider Glassnode reviews the on-chain behavior patterns shown by short-term and long-term holders.
According to a Glassnode report on Monday, January 23, the price of Bitcoin has seen an increase based on several models of on-chain pricing. One of the models is the investor price, which reflects the average acquisition price for all coins spent and distributed by Bitcoin miners. After addressing this model at a price of 17,400 US dollars, the average miner has returned to a lucrative position.
The move has also returned Bitcoin to the profit zone, with the Revenue of Profit Supply soaring from 55 percent at $16,000 to 67 percent at a price of 23,100 US dollars.
This is one of the sharpest spikes in Bitcoin profitability during the bearish market ever. This condition shows that some short-term holders are leveraging Bitcoin price hikes to profit, as a stable and lucrative long-term investment.
Data from Glassnode shows that short-term Bitcoin holders are currently selling their coins amid ongoing market rallies. The supply percentage of Short-Term Holders in Profits has returned above 97.5 percent, where investors "flagged on opportunities and came out at break-even points or profit."
Glassnode stated that the movement in this metric could be useful for identifying when market recovery might be taking place. In addition, this size of movement also provides incentives to Bitcoin holders who have again benefited from starting to realize some of their profits.
However, the data also shows that the number of coins that have not moved for more than 6 months grows at a speed of 100,000 BTC per month. This means that HODLer's confidence remains strong, even in the midst of a market rally. Last week, Glassnode also noted that this month's Bitcoin volatility spike could signal the start of the bull market cycle.
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