Short-term Bitcoin Glassnode says that BTC holders have recently been on an aggressive buying spree. They’ve accumulated more than 1.2 million BTCs since December 2023. Investors have been paying close attention to Bitcoin since its launch at the start of this year.
Although the crypto has experienced a prolonged period of positive action, much of the trend of accumulation can be attributed to whales and addresses Keeping large Bitcoin amounts for long periods is a good way to accumulate Bitcoin. However, in recent years there has been a trend towards cryptocurrencies. data from Glassnode There is an accumulation trend that has emerged among short-term traders. The ratio between profits and losses of this trade group has been in the profitable zone ever since the start of the year. Profits have outweighed losses by 50x.
Bitcoins are gaining popularity among retail investors
Since the middle of the month, investors have noticed that Bitcoin has been struggling to move above $70,000. Bitcoin data on the blockchain has revealed recently that an interesting accumulation trend Bitcoins’ holding addresses. In the last few days alone, 21400 BTC worth $1.40 billion were transferred into these addresses, which indicates that the purchasing pressure may be returning.
Since December 2024, the collective holdings of short-term investors have risen rapidly while long-term investors are distributing. Short-term wallets are those that only store Bitcoin for several weeks or even months. It is clear that investors have flooded the market by adding so many coins to short-term holders’ wallets. It could also mean that the currency has reached full adoption. This could result in continued price increases over time.
Data on profit/loss shows that short-term investors have been collectively in the black since the start of the year. Glassnode says that the short-term holders are making a lot of money so far in 2024. Short-term holders have made 50 times more than they lost. It means that 49 out 50 of those who held Bitcoins for short periods sold them at a greater price.
Glassnode
Bitcoin has recently experienced a surge in popularity. ascent to a new all-time high The 7D exponential moving average showed the highest ever short-term investor realized loss/profit ratio.
BTC price to rise due to retail interest?
Both short-term and longer-term investors have been buying up stocks in a frenzy, which suggests both retail and institutional interest Bitcoin has reached its peak. The fundamentals of Bitcoin point towards the likely continuation This trend is expected to continue throughout the month of April, particularly with regard to approach You can also check out the next Bitcoin halving.
Bitcoin has risen by 1.8% in 24 hours to $66,903.
BTC price drops below $67,000 | Source: BTCUSD on Tradingview.com
Image from Yahoo Finance; chart by Tradingview.com
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