Is Institutional Profit-Taking About to Derail Bitcoin’s Rally?
Main Idea
Long-term Bitcoin (BTC) holders are taking profits as prices fluctuate, with Galaxy Digital offloading a significant amount of BTC, while some analysts remain bullish on Bitcoin's future price potential.
Key Points
1. Long-term Bitcoin (BTC) holders have turned net negative, with Galaxy Digital reportedly selling around 80,000 BTC, indicating broader de-risking.
2. CryptoQuant suggests that large holders may follow Galaxy Digital's lead in selling, potentially impacting market trends.
3. US demand for Bitcoin may be cooling, as indicated by signals from the Coinbase Premium Index.
4. Despite concerns, some analysts, like Vtrader Founder Steve Gregory, remain bullish, predicting Bitcoin could climb to $139,000, citing global liquidity trends.
5. Global liquidity relative to Bitcoin supply has reached a 12-year high, with approximately $5.7 million in global M2 supply per Bitcoin, supporting a bullish outlook.
Description
Long-term Bitcoin (BTC) holders appear to be taking profits as prices test the $120,000 mark. This has sparked concerns about whether the actions signal cautious profit-taking or a larger trend. Incoming Correction? On-chain data shared by CryptoQuant shows that LTHs have flipped net negative at this key resistance level. This indicates that some are cashing out after riding previous bull cycles. While overall selling pressure remains moderate, one major player is drawing attention – Galaxy Digi...
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