Key takeaways:
Short-term Bitcoin holders realized $11.6 billion in profit over the past 30 days, suggesting a potential pause or local top in the market.
Technical indicators show cooling momentum as retail investor sentiment falls to a 90-day low and liquidity data points to price volatility.
Bitcoin (BTC) price recently hit a new all-time high of $111,800, but the bullish momentum may slow down as onchain data from Glassnode reveals significant profit-taking by short-term holders (STHs), potentially signaling a market “breather.”
Glassnode analysis shows that STHs, often considered traders rather than long-term investors, have realized a staggering $11.6 billion in profits over the last 30 days. This follows a sharp rebound in Bitcoin’s price, pushing past the STH cost-basis of $93,000. The profit-taking peaked at $747 million daily, a rapid increase from the $1.2 billion realized in the last 30-day period, highlighting a shift in new investor sentiment.
Bitcoin entity-adjusted short-term holder.