Fast Take
The previous week noticed Bitcoin attain a yearly excessive, hitting $64,000, inflicting the circulating provide in revenue to achieve a staggering 99.6%. Notably, on Feb. 26, we noticed the availability in revenue elevate above 95% for the primary time since November 2021, in response to Glassnode.
As Bitcoin’s value appreciated from $51,000 to $64,000 this week, a wave of profit-taking was triggered. Brief-term holders, these holding Bitcoin for lower than 155 days, transferred $3 billion in earnings to exchanges. This kinds a part of a 128-day streak of realized internet earnings, indicative of the present market regime.
Apparently, these short-term holders solely account for two.83 million BTC, with roughly 2.7 million being in revenue, in response to Glassnode.
Trying again at earlier bull runs, we’ve seen figures as excessive as 4 and 6 million BTC in revenue from short-term holders. This disparity highlights the potential for progress as short-term holders proceed to purchase Bitcoin.
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