Bitcoin Short-Term Holders Profiting from Recent Rally
New data from Glassnode reveals that short-term holders of Bitcoin have made significant profits, totaling $647 million, in a recent selling spree. Short-term holders are defined as investors who acquired their coins within the past 155 days. These investors tend to be more likely to sell during price rallies or crashes compared to long-term holders who demonstrate greater resolve. The Net Realized Profit/Loss metric tracks the net profit or loss realized by investors on the network by analyzing the on-chain history of each coin being transferred. The chart displaying this metric for Bitcoin short-term holders shows a spike in profits, although it remains below the levels seen during the 2021 all-time high.
BTC Price and Current Status
Following its rapid surge above $52,000, Bitcoin has experienced a period of consolidation and is currently trading around $52,500.
Hot Take: Bitcoin Short-Term Holders Capitalize on Rally with $647 Million in Profits
The recent breakout above $52,000 has prompted short-term holders of Bitcoin to cash in on their investments, resulting in a substantial profit-taking event. These investors, who acquired their coins within the past 155 days, are more likely to sell during price rallies. On-chain data shows that they have realized a total profit of $647 million during this selling spree. While this figure is significant, it falls short of the levels reached during the 2021 all-time high. Nonetheless, it highlights the impact that short-term holders can have on market movements and demonstrates their ability to capitalize on favorable market conditions.
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