CryptoQuantu Researcher: “Bitcoin Will Not See a Massive Selloff Anytime Soon”

BTC, Long-Term Holders Surpass Break-Even Point

Crypto Quant researcher Ya Marten pointed out that Bitcoin (BTC) has recently surpassed the break-even point for long-term holders, suggesting that there will likely be no massive sell-off in the near future.

In an interview with the cryptocurrency specialized media BeInCrypto, Marten noted that long-term Bitcoin holders who have held Bitcoin for more than 6 months have started to make profits due to the recent price surge.

The break-even point for Bitcoin long-term holders is $90,890. Bitcoin surged over 12% last week and broke through $97,000 in the afternoon of the 1st.

When short-term Bitcoin holders secure profitability, it has often resulted in a reduction of large-scale selling pressure.

Marten also highlighted that Bitcoin's hash rate reached a record high of 1.04 zettahashes per second (ZH/s) last month.

Bitcoin's hash rate represents the computing power for processing transactions on the Bitcoin network. As more mining machines operate, the hash rate increases. The rise in hash rate is interpreted as an increase in mining demand and production volume, which is closely related to Bitcoin's future price.

Reporter Seung-won Kwon ksw@blockstreet.co.kr