Bitcoin Price Surges to $122,000 with Low Profit-Taking Activity
Bitcoin's price increased from $116,000 to above $122,000 and has since settled at $119,000. Daily profit-taking remains low, averaging under $750 million year-to-date, compared to around $2 billion in January.
- Glassnode’s Realized Profit metric indicates total profits from coins sold above acquisition price.
- Long-Term Holders (LTH) consistently realize more profit than Short-Term Holders (STH).
- STH profits spiked in July during bitcoin's all-time high of $123,000, driven by buyers from the March sell-off.
- The current low realized profit levels suggest holders are not cashing out despite recent price increases.
- This trend could indicate stability and momentum for potential new all-time highs in the market.