Some Signs of Profit Taking Emerge with Bitcoin
We are seeing some indications of profit taking by BTC holders over the last several weeks. Although still up significantly over the past few months, accumulation addresses have declined slightly since the end of September and have plateaued most recently, according to data from Glassnode. This indicates some investors have been moving (assumes selling) their BTC at these recent high price levels. The balance held in accumulation addresses investors currently stands approximately 3% below that of late September, further confirming this profit taking.
Long-Term Holder Supply
According to Glassnode data, long-term holder supply has also pulled back since hitting all-time highs with the launch of the BTC futures ETFs, suggest some selling by these types of investors. This has recovered in the last several days, however, and we are now nearly back to the prior peak levels.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.
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