Short-term holders rush to sell Bitcoin amid market pump

Short-term holders rush to sell Bitcoin amid market pump
фото показано с : cryptoslate.com

2023-10-24 14:00

Quick Take

As Bitcoin reached a notable milestone of $35,000, up 20% in the past five days, it marked the fourth largest instance of profit-taking by short-term holders, classified as those who have held Bitcoin for less than six months and transferred approximately 28,000 Bitcoin to exchanges for profit.

Short-term holder to exchanges in profit: (Source: Glassnode)

The dwindling supply by short-term holders, now standing at around 2.35 million BTC, echoes a progressive decrease in this cohort’s impact on the market, particularly when compared to long-term holders, who now occupy almost 15 million of the Bitcoin supply.

This shift is essential because about 11.5 million BTC, currently held by long-term holders, are profitable. Interestingly, this was also the scenario in May 2022, right before the Luna collapse.

Supply in profit by long-term holders (Source: Glassnode)

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Bitcoin (BTC) на Currencies.ru

$ 95553.27 (-0.22%)
Объем 24H $24.989b
Изменеия 24h: -0.68 %, 7d: -0.75 %
Cегодня L: $95202.86 - H: $96414.76
Капитализация $1894.669b Rank 1
Доступно / Всего 19.828m BTC / 21m BTC

bitcoin short-term holders held instance profit-taking classified

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