About a month ago, market analysts observed that profit-taking on the Bitcoin network was minimal. However, that has now changed. Glassnode, an on-chain insights provider, has reported that profit-taking on the leading digital network is increasing once again. This comes as Bitcoin (BTC) remains in a consolidation phase after weeks of upward movement.
According to Glassnode’s tweet, bitcoin’s realized profits reached $2.46 billion on June 30, while the network’s seven-day Simple Moving Average (SMA) rose to $1.52 billion. The SMA, which identifies trends by averaging prices over a specific period, is currently above its year-to-date (YTD) average of $1.14 billion. However, the metric is still below its November-December 2024 peak of approximately $4.5 billion.
The spike in Bitcoin’s seven-day SMA indicates that coin distribution on the network is on the rise. Mid-to-long-term BTC holders have been leading this profit-taking spree; Glassnode said investors aged three to five years have realized at least $849 million in profits. This cohort of market participants is followed by those aged seven to ten years, with $485 million in profits, and investors aged one to two years with $445 million. Short-term BTC holders, those holding for under one year, have been cashing out the least gains, at less than $6 million.
Interestingly, older BTC holders have been leading the profit-taking for this cycle. CryptoPotato reported a rise in spending by this cohort in late May, which drove the aggregate volume for the one- to five-year cohorts to $4 billion, its highest level since February. While older investors take the lead, the bulk of the volume is coming from this particular group of Bitcoin holders.
Glassnode’s latest report is further substantiated by an analysis from the institutional decentralized finance (DeFi) analytics platform, Sentora (previously known as IntoTheBlock). The firm disclosed that wallets holding more than 1,000 BTC have been steadily reducing their balances. This indicates that although institutional money is flowing into Bitcoin, whales are still offloading their holdings.
It is worth mentioning that Sentora sees the redistribution by whales as a sign of a maturing market rather than weakness. Older whale coins being dispersed could become a dynamic that would strengthen Bitcoin’s long-term potential.
Meanwhile, BTC was still consolidating at the time of writing, hovering under $110,000 – a level, which it has remained confined to in the last few weeks.
BIO: 1 POSTS 0 COMMENTS https://cryptopotato.com/ CryptoPotato is a world leading source in news, analysis and information for investment on digital currencies such as Bitcoin, Ethereum, Litecoin, Ripple, IOTA, EOS, NEO, Dash, and more. We cover the latest news, price analysis and interviews for the crypto community.
Bitcoin (BTC) is currently trading at $33,000, down 3% on the day. The leading cryptocurrency has been on a downward trend since hitting an all-time high of $64,863 in April. However, the …
Bitcoin (BTC) is currently trading at $33,000, down 3% on the day. The leading cryptocurrency has been on a downward trend since hitting an all-time high of $64,863 in April. However, the recent dip has been attributed to a number of factors, including China’s crackdown on mining and Elon Musk’s tweets about the environmental impact of Bitcoin mining.
Despite the recent volatility, on-chain data suggests that long-term holders are still holding strong. According to Glassnode, the number of Bitcoin held by long-term holders has been increasing since the beginning of the year, indicating that they are not selling their holdings despite the price drop.
The number of #Bitcoin held by long-term holders has been increasing since the beginning of the year.
This suggests that despite the recent price drop, long-term holders are not selling their coins.
Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L — glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins. Chart: https://t.co/5lWfF7JyNQ pic.twitter.com/5JzgX6Jj4L
— glassnode (@glassnode) June 22, 2021
The chart above shows that the number of Bitcoin held by long-term holders has been steadily increasing since January 2021. This indicates that these holders are not selling their coins despite the recent price drop. This is a bullish sign for Bitcoin as it suggests that long-term holders have strong conviction in the asset and are not easily swayed by short-term price movements.
The number of Bitcoin held by long-term holders has been increasing since the beginning of the year. This suggests that despite the recent price drop, long-term holders are not selling their coins
Source:Read More