Short-term Bitcoin investors have started to speed up their profit sales.
According to data reported by on-chain analysis platform CryptoQuant, short-term Bitcoin investors have accelerated their sales, especially in recent days. Especially short-term investors who made significant profits by going above 70,000 dollars with Bitcoin, turned to sales with the logic of “profit deserves pocket.”
Analysts using SOPR data emphasized that investors holding Bitcoin for less than 5 months have started to sell similar amounts to the previous bull market’s peak points:
This move is a move that only happens every few years, but considering potential additional entries from both spot Bitcoin ETFs and institutional and individual investors, it is difficult to interpret this as just a signal of the peak of a bull market. It is very likely that we will see a much stronger bull in 2024 after a short-term correction period.
