Long-term holders resist taking meaningful profits despite bitcoin correction
Long-term Bitcoin holders (LTHs) remain largely unfazed despite bitcoin experiencing a 50% drawdown from its October all-time high of $126,000. Bitcoin currently trades around $65,500, having fallen as low as $59,000 during the correction.
LTHs have realized only around $50 million to $100 million in profits per day over the past several months, among the lowest levels recorded in recent years. This is only modestly above the 2022 bear market lows, when bitcoin traded between $15,000 and $20,000 and LTH realized profits averaged just $20 million to $25 million per day.
Long-Term Holder Realized Profit measures the total profit, in USD, generated by coins moved at a higher price than when they last changed hands. With an average cost basis of $49,413, LTHs remain comfortably in profit but are choosing not to sell.