Value

Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Despite Bitcoin’s narrow price movements, holders continue to see profits on their investments.</li> 
 <li>The volume of coins being processed and transferred on the Bitcoin Network has declined since March’s all-time high.</li> 
</ul>  
<p>Despite the limited price fluctuations of <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a>, investors continue to reap profits. This trend persists even though the leading cryptocurrency has been trading within a narrow range in recent weeks. </p> 
<p>At the moment, Bitcoin is trading at $65,625. It has been moving within a horizontal channel, facing resistance at $71,656 and finding support at $64,825. Nevertheless, the profitability of Bitcoin investors remains strong despite this sideways price movement. </p> 
<h2 id="on-chain-data-analysis">On-Chain Data Analysis</h2> 
<p>According to on-chain data:</p> 
<p>“BTC prices are consolidating within a well-established trade range. Investors remain in a generally favorable position, with over 87% of the circulating supply held in profit, with a cost basis below the spot price.”</p> 
<p>The Market Value to Realized Value (MVRV) ratio of the coin was evaluated, revealing that the average Bitcoin in circulation has an unrealized profit of over 120%. </p> 
<p>Interestingly, even though Bitcoin holders are profitable, the volume of coins being processed and transferred on the Bitcoin Network has significantly reduced since the all-time high in March. This indicates a reduced appetite for speculation and increased market indecision. </p> 
<h2 id="exchange-activity-decline">Exchange Activity Decline</h2> 
<p>The price consolidation of Bitcoin has also resulted in a decrease in BTC exchange flows. Short-term holders (STHs), who typically hold their coins for less than 155 days, currently send approximately 17,400 BTC to exchanges daily. This is a 68% decrease from the 55,000 BTC sent to exchanges when Bitcoin reached an all-time high of $73,000 in March. </p> 
<p>Long-term holders (LTHs), on the other hand, are sending less than 0.006% of their total holdings to exchanges. This suggests that this group has reached equilibrium and that price changes are needed to stimulate further action. </p> 
<p>The average Bitcoin sent to exchanges generates a profit of approximately $5,500. This has encouraged some long-term holders to sell for profit. As the market anticipates a rally to the $73,750 all-time high, there is enough demand to absorb the selling pressure. However, it is “not large enough to push market prices higher.”</p>

Unlocking Bitcoin’s Next Direction: How Profitable Is 87% of its Current Supply?

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