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Bitcoin makes Christmas come early for its more speculative investors, with BTC price still facing “early bull market” resistance.
Bitcoin (BTC) has seen a mass profit-taking event which rivals its $69,000 all-time highs, new analysis reveals.
In a post on Dec.
Bitcoin speculators sell as if all-time highs are back
BTC price gains have delivered a welcome reward to hodlers across the board in recent days as 19-month highs appeared.
While old hands are retaining their share of the BTC supply, at the other end of the spectrum, so-called short-term holders (STHs) have been busy locking in profits on their investments.
STHs refer to entities holding a given part of the supply for 155 days or less. They correspond to the more speculative class of Bitcoin investors, and their cost basis has formed a key BTC price support in 2023.
Now, with BTC/USD up almost 15% in a week, the time has come to reassess their exposure, data shows.
According to Van Straten, the total volume transfer between STHs and exchanges — coins being prepared for sale — has come close to $5 billion in the four days to Dec.
“Bitcoin recorded a 7% gain, culminating in a year-to-date peak of $38,800 by Dec.
“This milestone ignited the most considerable profit realization from short-term holders seen in recent times since November 2021.”
Bitcoin STH transfer volume to exchanges chart.
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