- In the wake of Bitcoin’s recent price surge, market participants wasted no time seizing the opportunity to lock in profits.
- Glassnode data shows investors bagged $537 million in profits.
- The current profit-taking falls well short of the historical precedent set during the 2021 bull market.
According to Glassnode, a leading blockchain analytics firm, the recent surge in Bitcoin’s price has led market participants to capitalize on their investments, locking in a substantial $537 million in profits. This profit-taking event stands as the second largest in the past year, reflecting the positive sentiment surrounding the cryptocurrency.
Following the recent elation in #Bitcoin price action, market participants locked in a non-trivial $537M in profit, the second largest profit taking event over the last year. pic.twitter.com/n3vKLktSPf— glassnode (@glassnode) June 22, 2023
To gain a broader perspective, it is crucial to analyze the profit-taking activity in the context of the 2021 primary bull market. During that period, market participants enjoyed peak profits totaling an impressive $4.98 billion. Comparing this peak to the current profit figure of $537 million reveals a notable decline of $4.44 billion (89%). This stark contrast emphasizes the magnitude of profits generated during the previous bull market and underscores the current profit-taking activity as being significantly below historical levels.
Glassnode stated that market participants wasted no time in securing profits following Bitcoin’s recent price rally. The substantial sum of $537 million highlights the confidence and readiness of investors to capitalize on favorable market conditions.
The cryptocurrency market has steered towards a positive run, with the global crypto market cap shooting up by over 8% since yesterday. Most of the recovery is due to the exceptional gains made by Bitcoin.
According to CoinMarketCap data, BTC has risen from a one-month low of $24,797 to a high of $30,737 before falling to its current price. At press time, BTC is trading at $30,075 with a 3.61% gain in the last 24 hours. The latest data also shows that BTC has shot up by over 20% in the last seven days.
The recent rally has also made Bitcoin enter CoinMarketCap’s trending list. BTC’s bull run was also accompanied by other altcoins, which exhibited double-digit gains in the last 24 hours. Ethereum, the second-largest cryptocurrency, also managed to rise by 15% in the last two days, trailing BTC.
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