Originally published on: October 16, 2024
Bitcoin is surging to three-month highs, prompting speculators to take profits and send over $500 million worth of BTC to Binance, the largest global exchange. According to data fromGlassnode, short-term holders (STHs) are capitalizing on the price surge above $65,000 by cashing in on their investments.
Recent data from Glassnode reveals that newer Bitcoin investors, holding their assets for less than 155 days, are seizing the opportunity to lock in profits at current levels. On October 14, the amount of BTC sent by STH wallets to Binance reached a record high since Bitcoin hit all-time highs of $73,800 in March, totaling 7,127 BTC, equivalent to approximately $480 million.
The influx of Bitcoin to major exchanges, including Binance, is among the highest seen since early June, indicating a growing trend of profit-taking among short-term holders. Glassnode’s analysis shows that these investors are enjoying healthy profit margins, with a Profit/Loss Ratio of 1.2, instilling a sense of accomplishment after months of sideways price performance.
Despite fluctuating sentiment in the Bitcoin market this month, with relatively modest volatility leading to dramatic shifts in market exposure, whales continue to accumulate significant amounts of BTC. Glassnode’s recent data highlights a divergence between supply and demand forces, suggesting that demand for BTC has decreased since March’s highs, but so has supply availability.
The low unrealized losses of short-term holders, as shown in Glassnode’s charts, indicate a positive sentiment among investors as they cash out profits near the $74K peak. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.
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