Hail, HODL: 100% of Long-Term Holders Now in Profit as Bitcoin Hits $71K

Bitcoin’s recent surge past $71,000 has pushed all long-term holders into profit. According to Glassnode, even those who bought during the peak of the 2021 bull market are now in the green. This marks a significant turnaround as Bitcoin’s price surpasses its previous all-time high.

As of June 4, a mere 0.03% of long-term holders were still at a loss when Bitcoin was around $68,000. However, these losses have now turned into gains. Glassnode reports that at $68,000, about 4,900 BTC were still held at a loss, but this figure has since become negligible.

The latest surge has sparked renewed market optimism. Glassnode noted that the short-term holders, primarily those who bought in March, are still shouldering most of the unrealized losses. This shift in the market sentiment suggests a potential bullish trend.

Bitcoin’s price nearly reached $72,000 on June 6 but settled around $71,080. Regulatory uncertainties and macroeconomic factors continue to influence its volatility.

The upcoming U.S. employment report and Consumer Price Index could further impact Bitcoin’s price trajectory. If these reports are favorable, they may propel Bitcoin to new all-time highs, according to market analysts.