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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Falls Below $117,000 Amid $3.5 Billion Profit-Taking Frenzy

Keshav Verma
Keshav Verma
2 months ago
3 mins read
Bitcoin

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The Bitcoin price has slipped under  $117,000 as on-chain data shows the network has observed one of its largest profit realization days of the year.

Bitcoin Long-Term Holders Did The Major Share Of Profit-Taking

In a new post on X, the on-chain analytics firm Glassnode has talked about the latest trend in the Bitcoin Realized Profit indicator for the short-term holders and long-term holders. The “Realized Profit” measures, as its name suggests, the total amount of profit that the BTC investors are realizing through their transactions.

The metric works by going through the transfer history of each coin being sold to see what price it was moved at prior to this. The difference between that previous price and the current selling price denote the amount of profit or loss involved in the sale.

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Naturally, the sale realizes a gain if the difference is positive. The Realized Profit adds up this value involved in all transactions of the type occurring on the blockchain. Another indicator known as the Realized Loss keeps track of the sales of the opposite type.

In the context of the current discussion, the Realized Profit of two specific segments of the sector is of interest: short-term holders (STHs) and long-term holders (LTHs). Investors are divided into these groups based on the basis of holding time. More particularly, holders who have been carrying their coins for 155 days or less are put in the STHs and those who have made it past this threshold are considered LTHs.

Below is the chart shared by Glassnode that shows the trend in the Realized Profit for the two sides of the Bitcoin market.

Bitcoin Realized Profit
The value of the metric appears to have spiked in recent days | Source: Glassnode on X

As displayed in the graph, the Bitcoin Realized Profit has seen spikes for both of these groups during the last 24 hours, implying investors across the market have harvested gains taking advantage of the rally to the new all-time high (ATH) above $123,000.

In total, the holders took profits equal to $3.5 billion inside this window, making the profit-taking event one of the largest for the year. Interestingly, the LTHs occupied for a higher share ($1.96 billion or 56%) of the profit realization than the STHs ($1.54 billion or 44%).

Generally, the longer an investor holds onto their coins, the less likely they become to sell them. As such, the LTHs with their relatively long holding time are considered to represent the resolute side of the market.

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Bitcoin Returns Under $117,000: Is Social Media FOMO To Blame?

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Despite their strong resolve, however, it seems the latest Bitcoin price surge provided a temptation strong enough for even these diamond hands to be swayed. The result of the selloff has so far appeared to be a price decline to levels below $117,000.

BTC Price

At the time of writing, Bitcoin is floating around $116,700, up over 7% in the last week.

Bitcoin Price Chart

Looks like the price of the asset has seen a plunge during the last 24 hours | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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