The cryptocurrency market has faced a surprise wave of profit-taking initiated by long-term Bitcoin holders, who cashed out $1.96 billion, significantly impacting market dynamics.
Profits of Long-Term Bitcoin Holders
According to Glassnode, investors realized a total of $3.5 billion in profits over the past 24 hours, with long-term holders accounting for $1.96 billion of that amount. This event marks one of the largest single-day profit realizations this year.
Market Rebounds
Bitcoin reached a peak of $123,000 but later retreated to around $117,000. This pullback followed intense selling pressure, clearly visible on trading charts. The drop of over $5,000 after reaching the weekly peak suggests fatigue among profit-takers.
New Strategy for Long-Term Investors
The unexpected decision by long-term holders to sell during a price increase signals a shift in market dynamics. Traditionally, these investors hold their positions through various market conditions, but now they are willing to seize peak levels to de-risk their portfolios.
The decision by long-term Bitcoin holders to cash out $1.96 billion in a single day has created significant market tension and affected short-term sentiment.
