Bitcoin: This section of BTC holders has a reason to rejoice

• Bitcoin holders’ profits reach a new all-time high.
• Sales pressure is still relatively low, but the volume is falling.

Due to all the fear, uncertainty and doubt (FUD) that surrounded the crypto space in the last year, many addresses were forced to sell their Bitcoin holdings.

However, there was a section of addresses that continued to show faith in the royal coin BTC and HODL went through the woods.

Interestingly, these long-term owners are now seeing all-time highs in terms of profitability.

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Not sure which one #Bitcoin the holder is more impressive as they all continue to achieve records.

1+ years = Have lasted all of 2022
2 + years = Bought the top of the bull from 2021
3+ years = Expect this to start going up (1 week away from covid)
5+ years = Purchased… pic.twitter.com/6B2g3vV1QU

— James V. Straten (@jimmyvs24) March 4, 2023

Reportedly, HODLers who have held their BTC for anywhere between 1-5 years have seen a profit opportunity.

But as the profitability of these owners increases, the overall incentive to sell these owners increases.

An interesting metric to look at at this point would be the MVRV ratio.

Well, the MVRV ratio for the royal coin was negative at the time of writing. This meant that the majority of BTC holders would end up taking a loss if they sold their coin at the current price.

This also suggested that the profitable holders were a minority on the Bitcoin network. And therefore there was no major sales pressure to be expected.

Source: Sentiment

Addresses become active

In fact, whales also showed massive interest in the coin recently. Therefore, the overall activity on the Bitcoin network began to rise.

According to data provided by glass nodethe number of BTC transactions reached a 2-year high on March 5.

Furthermore, the high speed of Bitcoin suggested that the number of times BTC was transferred between addresses had increased. Unfortunately, that was not the case with the volume metric.

Source: Sentiment

However, the declining volume did not deter traders from going long on Bitcoin. According to coinglass’ data, the proportion of long positions taken for Bitcoin on the Binance exchange has increased from 50.5% to 64.66% in recent weeks.

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Source: coinglass

That said, it remains to be seen how these long positions on BTC play out for traders in the long term.