Bitcoin Investors Locking in Gains, Glassnode Reports
Analytics platform Glassnode has revealed that a specific cohort of Bitcoin investors is currently capitalizing on significant gains by selling off their holdings. According to the data provided by Glassnode, individuals who have held onto Bitcoin for a period ranging from six to 12 months are currently leading the pack in realizing profits, with a whopping $904 million in gains recorded on Monday.
“Last week, we highlighted how BTC wallets that held greater than 12 months were the primary profit-takers. But that trend has now flipped. [On Monday]: less than 12 months cohorts accounted for 83% of all realized profit. Six to 12-month holders alone realized $904 million – the second-highest daily profit year to date.”
Interestingly, Glassnode also points out that the same six-to-12-month investor cohort had previously secured substantial profits two months ago.
“Mid-cycle buyers (six-12 months) stepped up on June 16th with $904 million in realized gains. That’s just behind the April top in terms of daily profits – and shows that Q4’24 buyers are now distributing heavily.”
However, Glassnode also highlights that the trend of selling Bitcoin for profits is slowing down among long-term BTC holders.
“Meanwhile, greater than 12-month holders realized just $324 million, a notable drop from the relentless profit realization in May or even the last week’s peak of around $1.2 billion. Bottomline: seasoned BTC holders are stepping back for now – and newer coins are now driving market sell pressure.”
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