Glassnode: The current unrealized profits of long-term holders are far from historical peaks

ChainCatcher news, Glassnode released a report indicating that since reaching an all-time high of $73,000 in March, the market has been in a consolidation phase. According to their estimates, the demand momentum has turned negative since early May.

Glassnode analyzed the cost basis of short-term investors to examine the funds flowing into the market. To analyze the supply side, they referenced long-term holders and found that the unrealized profits held by this group are statistically far from historical peaks. The consumption behavior of long-term holders shows that although their spending accounts for only 4% - 8% of total consumption, the profits realized through their spending typically account for 30% - 40% of the cumulative profits in a bull market. This finding highlights that during a bull market, wealth is concentrated in old coins.