Quick Take
A notable trend of profit-taking has been observed among long-term Bitcoin holders, particularly those who have retained their Bitcoins for a period exceeding 155 days. These individuals have recently taken profits nearing the $100 million mark, a significant volume not observed since the peak earlier this year in April. The phenomenon of profit-taking is not isolated to this instance, however.
A significant event unfolded in March following the collapse of Silicon Valley Bank when Bitcoin’s trading value plummeted below $20,000. At that point, profit-taking soared to an unprecedented $450 million. Despite the recent figure of $100 million being considerably lower, it could be interpreted as slightly bearish, indicating that even long-term holders are beginning to liquidate their Bitcoin investments. This situation underscores a critical turning point, providing insights into the evolving patterns of cryptocurrency holding and trading.
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