 Bitcoin profit-taking nears $74K peak as speculators send Binance $500M 
2024-10-16

Bitcoin BTCUSD speculators have initiated mass profit-taking as BTC price gains take the market to three-month highs.
Data from onchain analytics platform Glassnode shows Bitcoin short-term holders (STHs) cashing in on the BTC price surge above $65,000.
Bitcoin short-term holders eye profit protection
Bitcoin investors who are relatively new to the market — entities hodling a given amount of BTC for 155 days or less — are busy sealing in profits at current levels.
Glassnode shows that on Oct. 14, the amount of BTC sent by STH wallets to the largest global exchange, Binance, became the largest since BTCUSD set all-time highs of $73,800 in March.
In total, Binance saw STH inflows of 7,127 BTC (approximately $480 million).
Taking all major exchanges tracked by Glassnode into account, the daily tallies this week are among the highest since early June.
Analyzing STHs’ financial buoyancy, the firm highlighted the healthy profit margins currently instilling a sense of accomplishment after months of sideways price performance.
“Short-Term Holders currently show a profit dominance with their Profit/Loss Ratio trading at 1.2,” it commented in a post on X. 

BTC price research sees “heightened volatility”
As Cointelegraph reported, Bitcoin investor sentiment remains fickle this month, with comparatively modest volatility resulting in dramatic shifts in market exposure.
In the background, meanwhile, the largest class of Bitcoin whale has amassed 1.5 million BTC in recent months. 
Continuing, Glassnode noted that while demand for BTC has broadly declined since March’s highs, so too has supply availability.
“A notable divergence between supply and demand forces continues to grow,” it concluded in the latest edition of its weekly newsletter, “The Week Onchain,” released on Oct. 15. 

Among the accompanying charts was confirmation of STHs’ low unrealized losses.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.