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Bitcoin’s Momentum Slows As Profit-Taking Hits $650 Billion
The excitement surrounding Bitcoin’s recent all-time high has slowly dissipated as the cryptocurrency’s momentum continues to slow down. This downturn is attributed to significant selling activities from long-term holders, whose massive realized profits have been a major driver of the market’s weakening on-chain volume and lack of speculative intensity.
According to Glassnode, over $650 billion in profit-taking has already been seen this cycle, surpassing previous bull runs. This large-scale selling has hindered any potential upward momentum, as long-term holders are now choosing to cash out their profits. The report noted that the market appears to be in a cooling phase after the latest significant wave of selling, indicating that there might not be another major upward push without fresh catalysts.
The data also revealed that the on-chain volume has dropped around 32% over recent weeks, from $76 billion to roughly $52 billion. Moreover, Glassnode’s statistics show that Bitcoin’s spot volume is now at an extremely low point, having fallen below previous cycle peaks.
Furthermore, experts such as Charles Edwards of Capriole Funds have suggested that the current sell-off could be attributed to long-term holders selling their assets after the recent ETF launch. It seems clear that this profit-taking and lack of speculative intensity are major contributors to Bitcoin’s slowing momentum.
In conclusion, the market is currently in a state of hesitation, and a fresh catalyst will be required for any significant upward push.
Source: cryptoslate.com
