{"id":18545,"date":"2024-11-13T13:43:04","date_gmt":"2024-11-13T11:43:04","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-yet-to-reach-profit-taking-levels-for-holders-says-glassnode\/"},"modified":"2024-11-13T13:43:04","modified_gmt":"2024-11-13T11:43:04","slug":"bitcoin-yet-to-reach-profit-taking-levels-for-holders-says-glassnode","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-yet-to-reach-profit-taking-levels-for-holders-says-glassnode\/","title":{"rendered":"Bitcoin Yet to Reach Profit-Taking Levels for Holders, Says Glassnode"},"content":{"rendered":"<p>Realized profits for both short-term and long-term Bitcoin holders remain below previous all-time highs <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>. According to Glassnode, under such circumstances, many investors are willing to wait for higher prices.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2019s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores on-chain indicators, highlighting robust spot buying momentum, rising ETF AUM, futures premiums, and the potential for sustained gains\u2026 <a href=\"https:\/\/t.co\/N8gJENt5kL\">pic.twitter.com\/N8gJENt5kL<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1856364706119725517?ref_src=twsrc%5Etfw\">November 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts calculate that realized capitalization increased by 13.3% before the elections and by 2% after the event. In terms of price, these changes amounted to 10.1% and 27.9%. The current cycle reflects a more restrained reaction compared to past market responses.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1294.webp\" alt=\"1-1294\" class=\"wp-image-245108\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Over the past week, the price surged by $11,600 in absolute terms, exceeding the upper statistical range (one standard deviation) fivefold, &#8220;indicating unprecedented bullish strength&#8221; associated with expectations of regulatory landscape changes.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-939.webp\" alt=\"2-939\" class=\"wp-image-245109\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Experts noted significant buying pressure on Coinbase, as well as an inflow of $6.8 billion into BTC-ETFs over the past 30 days. The increase in open interest in Bitcoin futures on the <span data-descr=\"Chicago Mercantile Exchange\" class=\"old_tooltip\">CME<\/span> by $4.8 billion over the same period indicates &#8220;a preference for spot trading through exchange-traded funds.&#8221;<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-526.webp\" alt=\"3-526\" class=\"wp-image-245110\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The chart below shows the cumulative realized profit after reaching new ATHs. Historically, on a monthly basis, this figure ranged from $30 billion to $50 billion before buying pressure eased. Currently, the metric has reached $20.4 billion.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;While profit-taking is significant, it remains below historical highs, suggesting additional opportunities for further growth until demand potentially wanes,&#8221;<\/em> the review states.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-335.webp\" alt=\"4-335\" class=\"wp-image-245111\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The next illustration shows the dynamics of the &#8220;cost price&#8221; of coins for &#8220;new investors&#8221; with one standard deviation in both directions. According to experts, after setting a record, quotes often approach the upper boundary of the range and test it several times.<\/p>\n<p>Currently, the price stands at $87,900, with the band deferred by one standard deviation at $94,900.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-213.webp\" alt=\"5-213\" class=\"wp-image-245112\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The volume of realized profit on a daily basis reached ~$1.56 billion, with 46% ($720 million) attributed to hodlers. This is about half the level of previous cyclical ATHs ($3 billion, with over 50% formed by long-term investors).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;If demand persists, there will be opportunities for continued price growth. Greater selling pressure will be required before quotes reach typical levels for profit realization,&#8221;<\/em> specialists concluded.<\/p>\n<\/blockquote>\n<p>Earlier, Copper identified the timing of Bitcoin&#8217;s peak formation.<\/p>\n<p>Previously, Bernstein urged to &#8220;add crypto assets to the portfolio as soon as possible.&#8221; They recommended purchasing a basket of digital assets, including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE, and LINK.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Realized profits for both short-term and long-term Bitcoin holders remain below previous all-time highs ATH. According to Glassnode, under such circumstances, many investors are willing to wait for higher prices. #Bitcoin\u2019s rally to a new ATH is driven by strong spot demand and institutional inflows, with over 95% of supply in profit. This article explores [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1273,1150,1268],"class_list":["post-18545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-glassnode","tag-news-plus","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18545"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18544"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}