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Short-term holders disrupt Bitcoin’s journey to $28k with surge in profit-taking
Short-term holders' speedy profit realization hinders Bitcoin's leap past $28k
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
Bitcoin's journey to break the $28,000 mark appears stymied by a surge of profit-taking from short-term holders, a group defined by their possession of Bitcoin for fewer than 155 days.
In recent data, an estimated 20,000 BTC, one of the largest quantities in a year, was transferred to exchanges in profit, indicating a high level of profit realization among these investors.
Significantly, more than 1 million BTC are currently in the hands of short-term holders, a circumstance that adds to the complexity of Bitcoin's path to higher valuations.
The profound implications of this situation underline the influence of short-term holders on BTC's market dynamics. Their desire to realize profits swiftly could potentially generate further price volatility.
Market Cap $1.6T
24H Volume $33.68B
