As Bitcoin's rally to $30,000 takes its momentum, many long-term investors seem to be taking advantage by redistributing their BTC holdings. Data from Glassnode paints a picture of a steady decline in the amount of BTC last active between 7-10 years, suggesting that these investors are seizing the opportunity to make profitable trades. CryptoQuant has also reported a rise in exchange-held BTC, suggesting that this redistribution is happening across exchanges. The asset's RSI metric indicates that the market could soon face a price reversal, so it remains to be seen how this redistribution of holdings will influence the value of BTC in the future. Generally, investors can be said to be gravitating towards Bitcoin with the possibility of generating huge profits as the asset enters a new era of trading.
Oliver Martinez
- 2023-04-13
Long-Term Bitcoin Investors Take Advantage of Price Rally
Many long-term Bitcoin investors are taking advantage of the coin's rally to $30,000 by redistributing their BTC holdings. Data from Glassnode and CryptoQuant suggests that investors are making profitable trades, though a possible price reversal could still occur.
