Bitcoin

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<ul>
 <li>According to Glassnode analysts, the cryptocurrency currently lacks sufficient momentum to encourage long-term holders to empty their wallets.</li>
 <li>In a new summary released by Glassnode on November 21, with the recent increase in Bitcoin’s price, it mentioned that 16.3 million BTC is currently in profit.</li>
 <li>While a group of short-term investors reduced their BTC holdings by 2.3 million BTC, causing a new all-time low, long-term investors seem reluctant to sell their assets.</li>
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<p><strong>According to on-chain analysts’ assessments, the Bitcoin price is not at a sufficient level to motivate BTC investors.</strong></p>
<h2 id="strong-bitcoin-price-not-enough-to-motivate-investors-strong"><strong>Bitcoin Price Not Enough to Motivate Investors</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126541" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Bitcoin-BTC" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Although Bitcoin’s price is attempting to reach $40,000, according to Glassnode analysts, the cryptocurrency currently lacks sufficient momentum to encourage long-term holders to empty their wallets.</p>
<p>In a new summary released by Glassnode on November 21, with the recent increase in Bitcoin’s price, it mentioned that 16.3 million BTC is currently in profit (83.6% of the circulating supply). Analysts added that this figure resembles the peaks of the 2021 bull market.</p>
<p>While the market may seem greedy at current price levels, Glassnode stated that most investors still haven’t reached a statistically high level of unrealized profit based on cost, despite the “heating stages of the bull market.”</p>
<figure id="attachment_131320" aria-describedby="caption-attachment-131320" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-131320 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?resize=696%2C400&amp;quality=70&amp;ssl=1" alt="Bitcoin-Supply-in-Profit" width="696" height="400" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?w=1024&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?resize=300%2C173&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?resize=768%2C442&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?resize=150%2C86&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-Supply-in-Profit.webp?resize=696%2C400&amp;quality=70&amp;ssl=1 696w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-131320" class="wp-caption-text">
  Bitcoin: Supply in Profit
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</figure>
<p>Glassnode stated, “This indicates a significant portion of the supply is in profit, with most cost bases only slightly below the current spot price.”</p>
<p>While a group of short-term investors caused a new all-time low by reducing their BTC holdings by 2.3 million BTC, long-term investors seem unwilling to sell their assets and are expecting higher unrealized profits, according to analysts. It appears that long-term investors may have to wait for favorable conditions for a few more months.</p>
<h2 id="strong-bitcoin-and-s2f-model-strong"><strong>Bitcoin and S2F Model</strong></h2>
<p>As previously reported, investor and quantitative analyst PlanB, known for the Stock-to-Flow (S2F) model for BTC, believes there is a possibility that the cryptocurrency will remain in the range of $32,000 to $64,000 until the 2024 halving. According to PlanB, a real bull run will come after the halving or “earlier if ETF approval is obtained.”</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/according-to-on-chain-report-bitcoin-price-still-insufficient-to-motivate-investors/">According to On-Chain Report, Bitcoin Price Still Insufficient to Motivate Investors!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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According to On-Chain Report, Bitcoin Price Still Insufficient to Motivate Investors!

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