Alan Shaw
United Kingdom
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Dec 12th 2023 at 2:31 AM
Bitcoin News
Bitcoin's Short-Term Holders Cash In
A recent market report from Bitcoinist.com highlighted that Bitcoin’s short-term holders have recently engaged in a significant profit-taking spree, selling almost $4.5 billion worth in the past four days. Bitcoin's short-term holders are investors who acquired BTC in the last 155 days. This event marks their largest profit-taking since November 2021.
Short-term holders, known for their reactive nature to market sentiments, typically respond to fear or hype. The surge in Bitcoin's price to over $41,000 has prompted these holders to capitalize on their gains. Tracking their activity through exchange inflow volumes reveals a spike during the recent rally, indicating substantial deposits to centralized exchanges. While not all deposits imply selling, the $4.5 billion influx suggests a notable profit-taking trend.
Despite the potential market slowdown, Bitcoin has sustained its upward momentum, currently hovering around $41,900, reflecting robust demand amid the ongoing sell-off. This positive resilience bodes well for the sustainability of the current rally. Regards Alan.. -
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