Quick Take
The past week saw Bitcoin reach a yearly high, hitting $64,000, causing the circulating supply in profit to reach a staggering 99.6%. Notably, on Feb. 26, we observed the supply in profit elevate above 95% for the first time since November 2021, according to Glassnode.
As Bitcoin’s price appreciated from $51,000 to $64,000 this week, a wave of profit-taking was triggered. Short-term holders, those holding Bitcoin for less than 155 days, transferred $3 billion in profits to exchanges. This forms part of a 128-day streak of realized net profits, indicative of the current market regime.
Interestingly, these short-term holders only account for 2.83 million BTC, with approximately 2.7 million being in profit, according to Glassnode.
Looking back at previous bull runs, we’ve seen figures as high as 4 and 6 million BTC in profit from short-term holders. This disparity highlights the potential for growth as short-term holders continue to buy Bitcoin.
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