Bitcoin long-term holders (LTHs) recently locked in over $2 billion in profits in a single day, according to Glassnode’s latest report. While many speculators took advantage of Bitcoin’s surge to near $100,000, the “diamond hands” of the crypto world are taking a more patient approach. Unlike newer investors, LTHs are not rushing to cash in their Bitcoin just yet, with most of the selling coming from coins held for less than a year.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Profit-Taking by the Newer Crowd
As Glassnode points out, the majority of selling activity stems from coins aged between 6 months and a year, accounting for 35.3% of the total. This trend indicates that it’s not the seasoned investors but rather the more recent buyers who are liquidating their positions, possibly looking to capitalize on the recent highs. This shift in the market dynamics could suggest that the true Bitcoin veterans are waiting for even higher prices before making their moves.
ETFs and Institutional Buyers Feel the Pressure
Bitcoin exchange-traded funds (ETFs) have also been caught in the volatility, seeing net outflows exceeding $550 million in just two days. While short-term price drops have caused some jitters, many institutional buyers, including those with stakes in MicroStrategy, continue to hold firm on their Bitcoin positions, despite recent losses, according to CoinTelegraph.Bitcoin exchange-traded funds (ETFs) have also been caught in the volatility, seeing net outflows exceeding $550 million in just two days. While short-term price drops have caused some jitters, many institutional buyers, including those with stakes in MicroStrategy (MSTR), continue to hold firm on their Bitcoin positions, despite recent losses, according to CoinTelegraph.
At the time of writing, BTC is sitting at $93,852.26.
