Bitcoin Surges Past $71K, Long-Term Holders Now Profitable

Bitcoin's recent surge past $71,000 has pushed all long-term holders into profit. According to Glassnode, even those who bought during the peak of the 2021 bull market are now in the green.

This marks a significant turnaround as Bitcoin's price surpasses its previous all-time high. As of June 4, a mere 0.03% of long-term holders were still at a loss when Bitcoin was around $68,000.

However, these losses have now turned into gains. Glassnode reports that at $68,000, about 4,900 BTC were still held at a loss, but this figure has since become negligible.

The latest surge has sparked renewed market optimism. Glassnode noted that the short-term holders, primarily those who bought in March, are still shouldering most of the unrealized losses.

This shift in the market sentiment suggests a potential bullish trend. Bitcoin's price nearly reached $72,000 on June 6 but settled around $71,080.