Quick Take

Bitcoin recorded a 7% gain, culminating in a year-to-date peak of $38,800 by Dec. 1. This milestone ignited the most considerable profit realization from short-term holders seen in recent times since November 2021. Short-term holders, defined as those who keep Bitcoin for less than 155 days, recorded approximate profits of $1.5 billion.

Short-term holders in profit to exchanges: (Source: Glassnode)

This significant move was, however, accompanied by a few hundred million in losses. This bustling activity resulted in approximately 46,000 Bitcoin being transferred to exchanges, a movement that feeds into the already declining investor base of short-term holders, which hit a record low just last week, as confirmed by CryptoSlate.

In stark contrast, long-term holders have shown a relatively subdued response to the market’s recent fluctuations, indicating a potentially more sustained trust in the asset’s long-term value.

Long Term Holder to Exchanges: (Source: Glassnode)

The post Nearly $1.5B in Bitcoin profits pocketed by short-term holders; long-time holders stay patient appeared first on CryptoSlate.

---

Filed under: Bitcoin - @ December 4, 2023 6:20 pm