From 232% to 13%: What Happened to Bitcoin’s Short-Term Gains?
Main Idea
Bitcoin's short-term holders are experiencing significantly lower unrealized profits compared to past cycles, and market conditions suggest a potential tactical pause before resuming an uptrend.
Key Points
1. Bitcoin is trading above $118K, down just over 3% from its recent peak.
2. Short-term holders currently have only 13% in unrealized profits, compared to 232% in 2012 and 150% in 2021.
3. Current cycle gains for short-term holders peaked at 69% and have since dropped sharply.
4. Historically, such market shakeouts have often preceded a tactical pause, possibly influenced by external factors like the US Reserve’s rate decision.
5. August and September are typically weak months for Bitcoin, but the broader outlook remains positive heading into year-end.
Description
Bitcoin has been trading above $118K, down just over 3% from its recently established all-time high. Despite this, its short-term holders are now seeing just 13% in unrealized profits, according to on-chain data. This group, which is defined as wallets holding BTC between one and three months, often reflects broader sentiment among spot market participants aiming to optimize returns. Capitulation Incoming? In its latest analysis, CryptoQuant explained that while Bitcoin continues to trade near i...
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