HODL

Waves

FOMO

Bitcoin

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 "We're still early," analyst says as Bitcoin profitability dynamics reveal a shift in BTC supply profitability on the horizon.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) bull market “FOMO” has yet to appear despite BTC price being up 120% this year.</p>
 <p>Data from statistics platform Look Into Bitcoin shows that on-chain transactions are only starting to involve “younger” bitcoins.</p>
 <h2 id="bitcoin-bull-market-analysis-we-re-still-early">Bitcoin bull market analysis: "We're still early"</h2>
 <p>Bitcoin remains near 18-month highs and well beyond its bear <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> trading range and several key resistance levels.</p>
 <p>While the number of smaller wallets is increasing, there has not been a major return to the network from speculators — those holding BTC for short periods of time.</p>
 <p>In an X post on Nov. 16, Look Into Bitcoin creator Philip Swift flagged the Realized Cap HODL Waves metric, also known as RHODL Waves, as proof.</p>
 <p>RHODL splits the existing HODL Waves metric, which divides BTC by age group of the supply, and compares it to the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at which they last moved on-chain.</p>
 <p>The result is a spike in coins, which move frequently during bull <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> phases, and the opposite in bear <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>s, where investors are afraid to sell or are in the red on their holdings.</p>
 <p>“Warmer colour low timeframe waves are only just starting to increase as coins are transferred on-chain,” Swift commented on the current state of RHODL.</p>
 <blockquote>
  “No FOMO yet. We're still early.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/2ea3890a0e8658aef11cca851496f41e.webp">
  <figcaption style="text-align: center;"><em>Bitcoin RHODL Waves chart. Source: Look Into Bitcoin</em>
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 <h2 id="bitcoin-profitability-nears-potential-breakeven-point">Bitcoin profitability nears "potential breakeven point"</h2>
 <p>Continuing the examination of Bitcoin supply “age bands,” Onchained, a contributor to on-chain analytics platform CryptoQuant, stressed that those who increased BTC exposure in the run-up to the 2021 all-time highs remain underwater.</p>
 <p><strong><em>Related:&nbsp;Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze</em></strong></p>
 <p>He did so using the Net Unrealized Profit/Loss (NUPL) indicator, which offers profitability ratios for cohorts of stored coins.</p>
 <p>Coming soon, however, is a key line in the sand for bull <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> hodlers.</p>
 <p>“Considering NUPL across different age bands provides insights into profitability dynamics. Notably, the depicted graph reveals all UTXO age bands currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,” Onchained wrote in one of CryptoQuant’s Quicktake <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> updates on Nov. 16.</p>
 <blockquote>
  “This aligns with their entry during the Bitcoin price rally to $67,000. Their NUPL nearing the profitability benchmark of 0 suggests a potential break-even point if Bitcoin continues its rally beyond $39,000.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/11/17/35ace9755916dee5598384e0dd45b5ca.webp">
  <figcaption style="text-align: center;"><em>Bitcoin UTXOs in loss % chart. Source: CryptoQuant</em>
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 </figure>
 <p>CryptoQuant data shows that the overall proportion of unspent transaction outputs, or UTXOs, currently at a loss is now just 11.6%.</p>
 <p>As Cointelegraph reported, whale entities have been increasing BTC selling at current prices.</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-bull-market-fomo-absent-as-btc-price-nears-key-39k-profit-zone-tbt70666.html">https://thebittimes.com/bitcoin-bull-market-fomo-absent-as-btc-price-nears-key-39k-profit-zone-tbt70666.html</a></p>

Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone

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