"Bitcoin adjusts after peaking at $111,800… Long-term holders increasingly selling"
Summary
- It was reported that Bitcoin's bullish momentum has slowed down after surpassing its all-time high of $111,800.
- According to on-chain data, realized profits per day have soared to $1.47 billion, indicating large-scale profit-taking.
- Notably, long-term holders are increasingly selling, which is interpreted as a sign of peak formation and capital rotation.
Bitcoin (BTC) briefly surpassed its all-time high of $111,800, but as profit-taking activity increased, the bullish momentum is reportedly slowing down.
On the 5th, on-chain analytics firm Glassnode stated in a research report: "In this adjustment phase, investors' realized profits per day surged to $1.47 billion. This marks the fifth largest large-scale profit-taking phase in this cycle." In particular, it was reported that long-term holders are clearly increasing their selling activity, acting as a source of market pressure.
The report stated, "Profit-taking is mainly being led not by short-term investors, but by long-term holders who have kept their assets for over 12 months," and evaluated, "This wave of selling, coinciding with the formation of a cycle peak, can be interpreted as a signal that capital rotation is in full swing."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
