Key points:
Bitcoin long-term holders are about to hit a level of unrealized profit, which has traditionally caused them to sell.
That level coincides with the return to a six-figure BTC price.
Order book data suggests that bulls may not succeed in keeping the upside going.
Bitcoin (BTC) risks a “notable increase” in selling from its older investors if price rises further, warns onchain analytics firm Glassnode.
In the latest edition of its regular newsletter, “The Week Onchain,” researchers calculated that long-term holders (LTHs) are sitting on almost 350% unrealized profits.
Bitcoin sell-side odds in line for crucial test
Bitcoin at multimonth highs will tempt an increasing number of hodlers to take profits — including so-called “diamond hands.”
Using a variety of metrics to track investor profitability, Glassnode shows that aggregate LTH unrealized profits are now nearing 350% — a key historical level.
“Having