🚀🎉 Bitcoin hodlers, rejoice! Despite the market's sideways movement, the average Bitcoin investor is sitting pretty with an unrealized profit of around 120%! 💰💰 Over 87% of the circulating supply is held in profit, with a cost basis below the spot price. 📈

However, the market is currently range-bound, with demand sufficient to absorb sell-side pressure but not enough to fuel further upward growth. 🔄 The cash-and-carry trade continues, particularly among institutional traders, suggesting an expectation of range-bound trading for the time being. 🏦

Interestingly, despite healthy investor profitability, the volume being processed and transferred on the Bitcoin Network has declined drastically since the ATH. This indicates a reduced appetite for speculation and heightened indecision in the market. 😕

On the bright side, more coins are currently being transferred in a position of profit (+11k BTC) than in loss (+8.2k BTC). This suggests that a profit driven bias remains overall, albeit by a relatively small margin. 💸

In conclusion, while the market may be choppy and sideways, Bitcoin investors remain largely profitable. However, a decisive price movement in either direction is necessary to stimulate the next round of market activity. So, hodlers, keep your eyes peeled! 👀🚀