Analysis: Mid-term Bitcoin Holders Drive Selling Pressure…$904 Million in Realized Profits
Summary
- Glassnode reported that mid-term holders are emerging as the main source of selling pressure in the Bitcoin market.
- Recently, realized profits from holders with less than 12 months amounted to 83% of the total, with 6–12 month holders realizing $904 million in daily profits in particular.
- Glassnode analyzed that investors who bought in Q4 last year and recently issued coins are driving the market's selling pressure.
The main drivers of profit-taking in the Bitcoin market have shifted from long-term holders to mid-term holders.
According to on-chain data analytics firm Glassnode on the 17th (local time), realized profits from holders with less than 12 months' holding period recently accounted for 83% of the total. In particular, mid-term holders with 6 to 12 months' holding periods realized $904 million (USD) in profits in a single day on the 16th — the second-largest daily realized profit this year.
In contrast, long-term holders with over 12 months' holding period realized only $324 million in profits that day, a sharp decline compared to $1.2 billion in May.
Glassnode stated, “It is evident that investors who bought in Q4 of last year are now actively selling,” adding, “These mid-term holders and recently issued coins are driving the selling pressure in the market.”
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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