Friday, November 22, 2024

Bitcoin’s 30k plunge – short-term holders unload BTC, long-term holders unfazed


Fast Take

Revenue Taking

  • After the SVB collapse in March, long-term holders (Blue) took essentially the most revenue for over a yr.
  • Whereas short-term holders (crimson) purchased the underside of the dip after which offloaded the Bitcoin (BTC) for earnings instantly — the identical occurred throughout Luna and FTX.
Profit Taking: (Source: Glassnode)
Revenue Taking: (Supply: Glassnode)

Loss Taking

  • After Bitcoin misplaced its $30,000 help, we’ve got seen an increase in loss-taking from short-term holders — promoting off over 40,000 BTC prior to now seven days. This cohort purchased the native high. 
  • On the identical time, we’ve got seen a slight capitulation from long-term holders — promoting off roughly 10,000 BTC prior to now seven days. 
Loss Taking: (Source: Glassnode)
Loss Taking: (Supply: Glassnode)

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