Bitcoin’s Latest Profit-Taking Spree Was Driven By HODLers: Data
Main Idea
Bitcoin's recent profit-taking activity was driven by long-term holders, with older Bitcoin groups realizing significant profits during the market selloff.
Key Points
1. Glassnode data reveals that Bitcoin holders aged 1-2 years and 7-10 years realized large profits during the recent market selloff.
2. The 1-2 years cohort realized $849 million in profits, while the 7-10 years group realized $485 million.
3. Some sales may have been from investors rediscovering old wallets or genuine long-term holders deciding to sell.
4. Bitcoin's price was around $109,300 at the time of reporting, up more than 3%.
5. The Realized Profit by Age metric highlights the distribution of profit-taking among different holder age groups.
Description
On-chain data suggests the veterans of the Bitcoin network were the ones that took profits during the latest market selloff. Older Bitcoin Groups Recently Realized A Large Amount Of Profit In a post on X, the on-chain analytics firm Glassnode has revealed how profit-taking has been distributed among the various Bitcoin cohorts. The groups in question have been divided based on the age of their holdings. The 1 year to 2 years cohort, for example, includes the holders who have been carrying their ...
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