Bitcoin’s 'super-majority' holds $1.2T in unrealized profits: Glassnode

Key Points

1. Bitcoin's total unrealized profits—gains held by investors who haven't sold—reached $1.2 trillion, close to its all-time peak of $1.3 trillion.

2. Glassnode notes a 'strong preference for HODLing' among Bitcoin investors, indicating declining short-term sell pressure.

3. Bitcoin is trading at $106,170, 5.5% below its May 22 all-time high of $111,970, with market anticipation building after a strong June close.

4. Long-term holder selling pressure has been cited as a reason Bitcoin struggles to break past the $100,000 price region.

5. Analysts suggest the market quickly absorbs selling pressure, potentially paving the way for a bullish July.