Bitcoin, often celebrated for its potential to restore financial control to its followers, also proves to be a complex tool where only the most strategic truly prosper. While BTC is near peaks, some are taking advantage of this moment to cash in their gains, mainly recent investors. However, this selling movement raises a crucial question: are former bitcoin holders keeping their cool or are they waiting for prices to take off even more?
Bitcoin: when profits soar to more than 2 billion in one day
Long-time bitcoin holders, who are largely baby boomers, are not so quick to part with their precious BTC. According to an analysis of Glassnode, approximately 35.3% of recent sales come from coins held between six months and a year. These investors, often described as “diamond hands”, seem moderately inclined for sale despite recent record profits, including 443 million dollars in one day.
On the other hand, these are mainly newcomers who benefit from spectacular increases to make their profits. These behaviors divide the market into two camps : those who bet on even higher prices and those who prefer to secure their winnings.
Some notable figures from the past week:
- Profits exceeding $2 billion in 24 hours;
- 35% of sales linked to coins held for less than a year;
- BTC has fallen by almost 8% over the past few days, causing massive ETF outflows.
Caution seems to be the key for market veterans, who prefer to wait patiently for a more assertive bullish recovery.
Crypto investors: the domino effect of ETFs and MicroStrategy
Bitcoin ETFs and institutions like MicroStrategy, once drivers of bullish sentiment, are experiencing turbulent times. Since BTC flirted with $100,000 before falling back to around $90,800, market movements intensify. Bitcoin ETFs suffered record outflows exceeding $550 million in just two days.
MicroStrategy, for its part, is not spared. The company, famous for its colossal BTC reserves, saw its shares fall by 35% in four days. This massive pullback highlights the volatility inherent in the crypto ecosystem and raises questions about the resilience of institutional investors in the face of turbulence.
A hypothesis put forward by experts: some of these institutional investors would have accumulated their positions after the launch of the ETFs, hoping to ride a bullish wave which, for the moment, is slow to materialize.
Thus, with a drop of 8.2% at the start of the morning, bitcoin seems to have lost its bullish vigor. Is this a simple correction or a warning signal of a lasting downtrend? Traders remain on alert.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
