Home News Short-Term Bitcoin Investors Are Taking Profit After the Pump: Glassnode

Short-Term Bitcoin Investors Are Taking Profit After the Pump: Glassnode


Certain Bitcoin investors are selling while they can after the primary cryptocurrency reclaimed $23,000 earlier this month, according to Glassnode. 

The blockchain intelligence provider’s latest report reviews recent on-chain behavioral patterns exhibited by both short and long-term holders. 

Exiting While They Can

The newsletter, posted on Monday, begins by examining Bitcoin’s price, which have reclaimed “multiple on-chain pricing models.” 

One model includes the investor price – which reflects the average acquisition price for all coins spent and distributed by Bitcoin miners. Having overcome this model at $17,400, the average miner has returned to a position of profitability.

The move has also returned many people’s Bitcoin back into the profit zone, with Percent Supply in Profit surging from 55% at $16,000 to 67% at $23,100. This was one of the sharpest spikes for Bitcoin profitability during a bear market that has ever occurred. 

Glassnode stated that movements in this metric can be useful for identifying when a market recovery may be underway. That said, movements of this size also incentivize Bitcoin holders who have returned to profit to start realizing some of their gains. 

In particular, the…

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