Bitcoin’s new all-time high triggers $3.5 billion profit-taking spree in 24 hours
Profit-taking activity surged across the Bitcoin network during the last 24 hours after the leading crypto asset reached a new all-time high of over $123,000.
Data from blockchain analytics firm Glassnode shows that total realized profits in the market jumped to $3.5 billion, marking one of the largest single-day profit realizations for Bitcoin this year.
The bulk of the selling came from long-term holders, who accounted for approximately $1.96 billion, or 56% of the total. Short-term holders contributed the remaining $1.54 billion, roughly 44% of realized gains.
Realized profit reflects the total value of coins moved on-chain where the sale price exceeded the last recorded purchase price. It serves as a reliable indicator of investor intent, especially during volatile market phases.
Following the wave of profit-taking, Bitcoin’s price declined by around 4% in the past 24 hours, falling from above $120,000 to approximately $116,000 as of press time. The drop reflects investor reaction to Bitcoin’s new all-time high, which came amid growing optimism across the broader crypto market.
The post Bitcoin’s new all-time high triggers $3.5 billion profit-taking spree in 24 hours appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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