Bitcoin Investors Continue to Take Profit
Bitcoin investors have been on a profit-taking spree, with the digital currency recording 157 consecutive days of net profit-taking. Analyst James Van Straten reported that this streak has surpassed the longest profit-taking streak seen during the 2021 bull run.
Net Realized Profit/Loss Indicator
The Net Realized Profit/Loss indicator tracks the net amount of profit or loss realized by Bitcoin investors when selling the cryptocurrency. It analyzes the on-chain history of each sold coin to determine the profit or loss based on the difference between the purchase price and the current selling price. This indicator provides insights into the overall profitability of the market.
Profit-Taking Trend
- The 7-day moving average of the Bitcoin Net Realized Profit/Loss indicator has remained positive for the past few months.
- Investors have been taking net profit for 157 consecutive days, indicating a prolonged period of profit-taking.
- During the 2021 bull run, the longest profit-taking streak lasted 155 days, highlighting the current trend’s significance.
Bitcoin Price
Bitcoin’s price has surged by over 5% in the past day, surpassing the $69,000 mark and signaling bullish momentum in the market.
Future Outlook
Despite reaching record profit-taking levels, analysts believe that the trend is likely to continue as Bitcoin remains in a bull market. The ongoing profit-taking activity is considered relatively mild compared to the 2021 bull run, indicating further potential for price increases.
Hot Take: Bitcoin Profit-Taking Reaches Historic Levels
On-chain data shows the recent Bitcoin consecutive profit-taking day streak has now surpassed the longest run from the 2021 bull rally.
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