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Although the volume of Bitcoin supply in profit has hit levels last seen in 2021, it is still ‘far insufficient to motivate long-term holders,’ analysts say. 
While Bitcoin (<a href="http://crypto.news/price/bitcoin" target="_blank" rel="noreferrer noopener">BTC</a>) is trying to reach the $40,000 mark, analysts at Glassnode say the crypto so far does not have enough momentum to motivate long-term holders to unload their bags. 
In a <a href="https://insights.glassnode.com/the-week-onchain-week-47-2023/" target="_blank" rel="noreferrer noopener">new digest</a> published on Nov. 21, Glassnode noted that with the recent spike of Bitcoin’s price, over 16.3 million BTCs are now in profit (~83.6% of the circulating supply). This figure is similar to the 2021 bull market highs, analysts added. 
<figure class="wp-block-image size-large">
 <img decoding="async" loading="lazy" width="1024" height="589" src="https://crypto.news/app/uploads/2023/11/hsodufh-1024x589.png" alt="Bitcoin's current price is 'insufficient' to motivate holders, Glassnode says - 37" class="wp-image-14218188">
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 Bitcoin supply in profit as of Nov. 18 | Source: Glassnode
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</figure> 
 You might also like: <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/"> ARK Invest discloses 80 bps fee in spot Bitcoin ETF filing </a> 
Even though the market <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noreferrer noopener">appears to be greedy</a> at current price levels, Glassnode noted that most investors are still underwater as the magnitude of unrealized profit has not yet reached a “statistically high level coincident with the heated stages of the bull market.” 
<blockquote class="wp-block-quote"> 
 “This suggests that whilst a significant volume of the supply is in profit, most have a cost basis, which is only moderately below the current spot price.” 
 Glassnode 
</blockquote> 
While a cohort of short-term investors declined to a new all-time low, decreasing their holdings by 2.3 million BTC, long-term investors appear to be unwilling to sell their holdings, waiting for a higher unrealized profit, analysts claim. 
And it seems that long-terms investors would have to wait a few months longer before favorable conditions arise. 
As crypto.news earlier <a href="https://crypto.news/stock-to-flow-mastermind-planb-outlines-key-bitcoin-price-levels-before-halving/" target="_blank" rel="noreferrer noopener">reported</a>, an anonymous Dutch investor and quantitative analyst, PlanB, best known for his stock-to-flow (S2F) model for BTC, believes the cryptocurrency is likely to&nbsp;stay in the $32,000-$64,000 range until the 2024 halving. According to PlanB, the real bull run will come after the halving “unless earlier ETF approval” is granted. 
 Read more: <a href="https://crypto.news/bloomberg-analysts-estimate-spot-bitcoin-etf-market-to-hit-100b/"> Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b </a>

Bitcoin’s current price is ‘insufficient’ to motivate holders, Glassnode says

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