Long-term holders are locking in profit after Bitcoins rally to new ATHs
Since Nov. 12, the Bitcoin market has entered a phase of significant profit-taking, with daily realized profits averaging around $5 billion marking the highest profit levels in over a month, according to CryptoQuant data.
On Nov. 12, Bitcoin investors recorded $5.1 billion in profits as the asset traded near $88,000. By Nov. 13, profits declined slightly to $4.75 billion but rose again to $4.8 billion on Nov. 14, with Bitcoins price reaching a new all-time high above $93,000.
The activity comes after Bitcoins recent rally above $90,000, which was fueled by market optimism following President Donald Trumps election win on Nov. 5. Many investors seem to be locking in gains after one of the most impressive runs in Bitcoins history.
CryptoQuants spent output profit ratio (SOPR) data suggests long-term holders are leading the profit-taking. The SOPR metric, which measures realized profits among different investor groups, spiked sharply on Nov. 13, reaching its highest point since August.
Historically, such trends often indicate a potential price peak or the start of a consolidation phase.
The post Long-term holders are locking in profit after Bitcoins rally to new ATHs appeared first on CryptoSlate.
Text source: CryptoSlate
