Short-Term Bitcoin Investors Have Reaped Profits
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Home > News
Published: 18/03/2024
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Author: Leexim
Short-Term Bitcoin Investors Have Reaped Profits
Bitcoin has dropped below $69,000 amid short-term investors taking profits.
Azcnews (1)
Table of Contents
Bitcoin (BTC) is recording significant profit fluctuations, especially from short-term investors. The price of this digital currency is currently hovering at $68,740.53, having shown signs of recovery and significant growth in recent times.
Short-term investors take advantage of the profits
However, blockchain data and market analysis show a notable profit-taking trend among investors holding BTC for less than five months, according to data from CryptoQuant. The Spent Output Profit Ratio (SOPR) points to a significant move parallel to the profit-taking trend observed in previous bull markets.
$BTC short-term investors took large profits
"In relation to this adjustment, if we look at the SOPR, there was a big movement related to profit realization by short-term holders who held #BTC for less than 5 months."
by @DanCoinInvestor
Link πhttps://t.co/RqBtDm81hO
β CryptoQuant.com (@cryptoquant_com) March 18, 2024
Short-term investors are taking advantage of this opportunity to withdraw profits. Analysis of SOPR data shows that short-term BTC holders are actively taking profits, creating a trend similar to what the market has seen in the past.
Regardless of the potential effects of this trend, the launch of a spot Bitcoin ETF and the expected inflows from institutional and individual investors are creating a complex landscape, making it difficult to interpret the activities. This profit-taking action in the current bull market context becomes a challenge.
Bitcoinβs Resilience
The analyst argues that Bitcoin is set for a strong resurgence in 2024 after a short correction period. Bitcoinβs resilience has been highlighted by crypto experts such as James Check, who is known as @Checkmatey on social media, giving further insight into the marketβs behavior.
Since MVRV is a derivative of the #Bitcoin Realised Price, we can convert these statistical levels to pricing models.
The +1 sd level π₯ is currently at $70.8k, which represents a level where many investors see a sufficiently green portfolio to take some chips off the table.β¦ pic.twitter.com/iSLP87M2vu
β _CheckΙ±ate π πβ‘β’οΈπ’οΈ (@_Checkmatey_) March 17, 2024
By analyzing Bitcoinβs Market Value to Actual Value (MVRV) ratio and Actual Price, Check reveals the psychological valuation patterns that influence investor decisions. He noted that the +1 standard deviation, currently at $70.8k, serves as an incentive for many investors to secure their profits.
Related: Miners Exert Pressure Leading to Bitcoin Price Drop
This resulted in the re-introduction of approximately 735k BTC into the market, with an estimated 60% coming from the Grayscale Bitcoin Trust (GBTC) and the remainder from individual holders. Regardless of this selling activity, the Bitcoin market only recorded a 20% correction from the FTX lows, showing the strength and demand-driven nature of the current bull market. βThis is one of the strongest BTC emergences in spot demand in bull market history,β he added.
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