CandleFocus

Bitcoin's trajectory shows similarities with previous cycles as long-term holders book profits of $2.1 billion

Author: Content Editor
Bitcoin's current price performance is showing similarities to previous cycles despite changing market conditions, according to Glassnode's Week on Chain report. The selling pressure accompanying sustained price increases has been present but at a slower pace, resulting in a reduced volatility cycle. This reduced volatility could be attributed to heightened institutional interest and the introduction of Bitcoin ETFs. Long-term investors have been taking profits, with $2.1 billion in realized profits at the $100K level. However, most of the recent sell-side pressure is coming from new market entrants who have acquired Bitcoin within the past six months to one year. This redistribution of coins from old investors is typical during the later stages of bull markets.

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