According to the latest report published by Glassnode, more than 80% of the wallets made a profit after the Bitcoin price rose above $ 37,000 last week, raising the question "Is the bull market coming?".
Although the Bitcoin price is currently moving around $ 36,500, it is stated that the amount of wallets in profit is still at a serious point, while the profitability rates reached are winking at the levels in the 2021 bull. Based on this scenario, Glassnode stated that the unrealized profits obtained are still not sufficient by investors, long-term investors continue to hold Bitcoins in their hands and indicate higher profit expectations.
Stating that situations where the profitability level reaches 90% are usually characterized as the beginning of the bull market, Glassnode stated that the current level may be an indication that this situation is approaching.
It was also underlined that the fact that investors have increased the amount of Bitcoin in their hands since the beginning of 2023 may indicate that the expectation that spot Bitcoin ETFs will be approved has strengthened.
