Bitcoin Back At $109,000, But HODLer Profit-Taking Down 89%

Glassnode reports that long-term Bitcoin holders are realizing significantly less profit now compared to May, despite similar prices. The "Realized Profit" indicator measures the profit investors gain when selling Bitcoin. The analysis focuses on holders who have kept their coins for over a year, often considered steadfast investors. A large profit-taking event occurred in late May as Bitcoin surged to $110,000, followed by a price decline. Recently, Bitcoin has recovered to above $109,000, but long-term holders haven't reacted with significant selling. Their current realized profit is 89% lower than the $126 million peak in May, now at $13.6 million. This suggests veterans believe the rally has more potential, choosing to hold onto their Bitcoin. Currently, Bitcoin's price is around $109,100, reflecting a 2% increase over the past week. These seasoned investors seem to be adopting a "HODL" strategy, awaiting further price appreciation.