Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.