Bitcoin Investors Sitting on $1.2 Trillion in Unrealized Gains—But Not Selling
Bitcoin holders are currently sitting on a staggering $1.2 trillion in unrealized profits, according to data from Glassnode. That’s paper gains, of course—not cash in the bank. But what’s interesting is how little selling pressure there seems to be, even with Bitcoin hovering near all-time highs.
The numbers suggest long-term investors aren’t in a hurry to cash out. The average unrealized profit per holder is around 125%, which is actually lower than the 180% peak back in March when Bitcoin briefly touched $73,000. You’d think people would be taking profits, but daily realized gains have been surprisingly modest—averaging just $872 million lately.
A Different Kind of Market This Time
Compare that to previous rallies, where realized profits spiked to $2.8 billion or even $3.2 billion at key price points. This time, though, the mood feels different. Maybe it’s fatigue, or maybe it’s something deeper. Glassnode’s analysts think it’s the latter, pointing out that “HODLing” is still the dominant strategy. Accumulation seems to be outpacing selling, at least for now.
One possible explanation? The type of investors holding Bitcoin has shifted. According to analyst Rezo, the market isn’t dominated by short-term traders anymore. Instead, it’s institutional players—ETFs, public companies, and long-term allocators—who are driving the trend.
Take MicroStrategy, for example. They just added another 18% to their Bitcoin stash last quarter, despite already sitting on tens of billions in unrealized gains. Bitcoin ETFs, meanwhile, saw an 8% bump in exposure over the same period. These aren’t traders looking for a quick exit. They’re in it for the long haul.
Fewer Weak Hands Left
Rezo argues that most of the short-term sellers probably got out between $70,000 and $100,000. What’s left now are investors who see Bitcoin less as a speculative play and more as a permanent part of their strategy. That doesn’t mean the price won’t swing—it always does—but it might mean fewer panic sells when things get shaky.
Of course, nothing’s certain. Markets change, and sentiment can flip fast. But for now, at least, it looks like a lot of Bitcoin holders are content to wait. Whether that patience pays off—well, we’ll see.
