Bitcoin Holds Strong as Long-Term Investors Realize $3.27 Million in Profits This Cycle
Data from Glassnode indicates profit-taking pressure is rising as inactive coins become active and ETFs drive market activity.
Bitcoin long-term investors (LTHs) have realized profits amounting to 3.27 million BTC this cycle, eclipsing the profit realized during the 2021 period and falling just short of the 2017 record of 3.93 million BTC. This surge in profits has been accompanied by a rise in sell-side pressure.
Key Highlights:
- Since the beginning of 2024, LTHs have experienced significant profit realization with approximately 100,000 BTC listed for sale recently. The movements have been attributed to legacy coin activities and the presence of ETFs supporting capital flows.
- Average prices for Bitcoin, previously hovering around $1,000 in 2015, are now nearly 100 times higher.
This data, provided by Glassnode, suggests the market is entering a critical phase of transition where a larger dollar value of profits can be seen versus the past cycles. The combination of long-dormant coins coming back to life and new ETFs appears to be reshaping market dynamics.
For more details, see the full article on CoinDesk’s website.
