Bitcoin Sees Insane $3.5 Billion Profit Taking in Just 24 Hours

Key Points

1. Bitcoin investors made $3.5 billion in realized profits in 24 hours, one of the biggest single-day cashouts this year.

2. Long-term holders accounted for $1.96 billion (56%) of the profits, while short-term holders took $1.54 billion, indicating a broad risk reduction move.

3. Bitcoin briefly touched $123,000 before pulling back to around $117,000, with the RSI showing signs of cooling down.

4. The profit-taking occurred as Bitcoin hovered near recent highs, potentially causing short-term market turbulence.

5. Despite the sell-off, Bitcoin's daily structure remains strong, trading above the 50-day and 200-day moving averages.