Bitcoiners are showing increasing patience on the sell side, with new data showing a declining number of investors cashing out in anticipation of Bitcoin going higher.

“Following a recovery to $107k, a super-majority of Bitcoin investors are now holding unrealized profits,” Glassnode said in a report on Tuesday. It added the trend follows Bitcoin ( BTC ) finding strong support around $98,300 — roughly the average price paid by short-term holders or those holding less than 155 days.

Bitcoin investor has “strong preference for HODLing”

Glassnode said Bitcoin total unrealized profits — gains held by investors who haven’t sold — has reached $1.2 trillion, nearing its all-time peak of $1.3 trillion hit late last year, with the average investor now holding a paper gain of 125%

“Despite this surge in profitability, investor behavior signals a strong preference for HODLing, as the current price range appears insufficient to trigger significant profit-taking,” Glassnode said.

“HODLing appears to be the dominant market mechanic across a plethora of spending metrics.”

The firm explained that this is reflected in declining realized Bitcoin profits and other onchain metrics such as the long-term holder supply reaching new highs.

Bitcoin’s ‘super-majority’ holds $1.2T in unrealized profits: Glassnode image 0 Glassnode notes that short-term sell pressure is declining. Source: Glassnode

Glassnode reported a sharp drop in selling by short-term holders after a rise around Bitcoin’s May all-time high, signaling the market expects Bitcoin to go higher.

“This again suggests that the current price range is not compelling enough for investors to continue selling, implying that the market may need to move higher (or lower) to unlock additional supply,” it said.

Bitcoin is trading at $106,170 at the time of publication, according to CoinMarketCap. 

Bitcoin’s ‘super-majority’ holds $1.2T in unrealized profits: Glassnode image 1 Bitcoin is trading at $106,170 at the time of publication. Source: CoinMarketCap

Bitcoin is currently 5.5% below its May 22 all-time high of $111,970, with market anticipation building after it closed June with its highest monthly candle, just over $107,000.

Related: Bitcoin analysts say market quickly absorbs selling, paving way for a bullish July

Some analysts have attributed long-term holders as the reason why Bitcoin hasn’t been able to break out of the $100,000 price region.

Capriole Investments founder Charles Edwards said on Sunday that Bitcoin is struggling to break away from the $100,000 region due to long-term holder selling pressure that has stunted the growth of Bitcoin’s price.

Edwards said long-term holders have been “dumping on Wall Street” and “unloading their positions” since the spot Bitcoin exchange-traded funds launched in January 2024. 

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