Bitcoin Long-Term Holders Stayed in Profit Throughout Current Cycle
Bitcoin's long-term holders have remained in profit throughout the current market cycle, marking a departure from previous bear markets dating back to at least 2015, according to Coin Bureau, citing data from Glassnode.
Coin Bureau said the data shows that the average long-term holder's profit ratio never fell below breakeven during the current cycle. In previous bear markets since 2015, the same measure had fallen below that level at the market bottom.
The observation points to a different pattern in the profitability of investors who have held Bitcoin over longer periods, although the data cited does not by itself establish the reasons for the difference.
Glassnode Data Shows Different Long-Term Holder Pattern
According to Coin Bureau, Glassnode's data indicates that Bitcoin long-term holders remained profitable throughout the current cycle.
The measure is notable because long-term holders had previously experienced periods in which their average position became unprofitable during bear-market bottoms. Coin Bureau said this occurred in every previous bear market since 2015.
In the current cycle, however, the profit ratio for the average long-term holder did not cross below breakeven. Instead, it remained above the threshold throughout the downturn described in the post.
The distinction separates the current market cycle from the historical pattern identified by the Glassnode data.
Long-Term Holder Profit Ratio Is Rising Again
Coin Bureau also reported that the long-term holder profit ratio is now climbing again after remaining above breakeven.
The metric provides a way to assess whether Bitcoin investors who have held their coins for an extended period are, on average, in profit or at a loss relative to their acquisition prices. In the data cited by Coin Bureau, the ratio's failure to fall below breakeven represents the key difference from earlier bear-market cycles.
The post does not provide a specific numerical value for the current ratio or identify a precise threshold beyond breakeven. It instead highlights the direction of the metric and its comparison with previous cycles.
Bitcoin's Current Cycle Differs From Earlier Bear Markets
The historical comparison extends back to at least 2015 and covers previous Bitcoin bear markets. Coin Bureau said the average long-term holder ended up underwater at the bottom of each of those earlier cycles.
That pattern has not been repeated in the current cycle based on the Glassnode data referenced in the post. Long-term holders remained above breakeven, and the measure is now moving higher again.
The observation does not establish how the market will develop from here, but it provides a specific historical comparison for evaluating Bitcoin's current cycle. The next data points will show whether the long-term holder profit ratio continues its recent recovery.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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