PiCK
"Bitcoin: Price retracement as long-term investors realize gains… Volatility warning"
Summary
- Bitcoin (BTC) showed a price retracement as long-term holders realized gains.
- On the 5th, $2.46 billion in profit-taking occurred in a single day, increasing Bitcoin's volatility.
- It emphasized that particularly 3–5 year long-term holdings were largely sold and warned of the need for caution regarding volatility.
Bitcoin (BTC) experienced increased volatility amid profit-taking by long-term holders, according to an analysis.
On the 6th, BorisD, an analyst at virtual asset (cryptocurrency) analysis platform CryptoQuant, said in a QuickTake report, "On the 5th, profit-taking totaling $2.46 billion occurred in a single day, causing a clear price retracement in Bitcoin," adding, "a significant portion of the sold coins were long-term holdings."
The analyst emphasized, "In particular, it appears that 7,636 BTC held for 3–5 years and 2,632 BTC held for 2–3 years were sold that day," stressing, "this shows that long-term holders have begun full-scale profit-taking."
He added, "There was also large-scale profit-taking on the 30th of last month, but it intensified on the 5th," and "As a result, market volatility has greatly increased."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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