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Bitcoin Profit-Taking Slows as Long-Term Holders Hold Steady in August
The pace of profit-taking by veteran Bitcoin (BTC) holders has cooled off in August, as they resist selling, signaling a shift in market dynamics after a record-breaking July. Data shared by on-chain analytics platform Glassnode reveals realized profits by long-term holders, measured over a seven-day moving average, have dipped sharply from July’s $1 billion per day streak, which marked one of the heaviest selling periods in the asset’s history.
Long-term holders, specifically those who’ve been holding onto Bitcoin since the 2020-2022 cycle, are now realizing gains while the rest appear content to ride out current price levels, despite it hovering near the all-time high of $123,091 set just weeks ago.
Source: cryptopotato.com
