Today, Bitcoin ($BTC) reached its exclusive all-time high $111,746, however, the usual profit-taking remained significantly subdued. As per the data from Glassnode, just $1.00B in the cumulative spent Bitcoin ($BTC) volume was actually realized in terms of profit, highlighting the unwavering investor faith. The on-chain analytics firm discussed the growing confidence in the top crypto asset on its official X account.
Despite Bitcoin’s Jump to New ATH, Profit-Taking Stays Low
The market data indicates a relative calmness in the present profit realization process despite Bitcoin’s higher price. In this respect, the analysts consider this development to be a sign of the rising maturity among $BTC holders. Specifically, the short-term Bitcoin holders, including those who have held $BTC for less than even a month, have increased their activity. This figure has jumped from 44.6%, as seen in December last year, to 76.9%, as recorded in May this year.
Long-Term $BTC Holders Express Strong Conviction
On the other hand, the long-term Bitcoin ($BTC) holders, including those who have kept $BTC for more than six months, have decreased their activity. Hence, over the same period, this activity has plunged from nearly 24.7% to only 13.4%. This underscores the strong conviction among the long-term Bitcoin investors.
Building Basis for Potentially Extended Bullish Momentum
This investor behavior divergence signifies a notable shift, marked by considerable factors. Thus, realized profits currently stand at a lower level, while long-term Bitcoin holders are continuously holding out. Along with that, the short-term $BTC traders are pushing the market. This may be establishing a basis for sustained bullish momentum.
