• Short-term Bitcoin investors are taking profit after the recent pump according to Glassnode.
• On-chain analysis reveals certain short-term holders are selling into the rally while they can.
• Glassnode’s latest report reviews recent on-chain behavior of both short and long-term holders.
The recent surge in the price of Bitcoin has been welcomed by many in the crypto space, but some investors may be taking advantage of the rally to make a quick profit. According to Glassnode, a blockchain intelligence provider, certain short-term holders are taking advantage of the price increase to sell their holdings.
Glassnode’s latest report reviews recent on-chain behavior of both short and long-term holders. The report begins by examining Bitcoin’s price, which has reclaimed “multiple on-chain pricing models.” One of these models is the investor price, which reflects the average acquisition price for all coins spent and distributed by Bitcoin miners.
The report then goes on to analyze the behavior of short-term holders. According to their findings, short-term holders are selling into the Bitcoin rally in order to take profit while they can. This can be seen in the behavior of investors who have held their coins for less than one month. These investors have been selling their coins at more than the average acquisition price, which indicates that they are taking profit while they can.
The report also examines the behavior of long-term holders. According to Glassnode, this group has not been selling as much as short-term holders. Long-term holders have been holding onto their coins and are not taking advantage of the current price surge.
Overall, Glassnode’s report provides an interesting insight into the on-chain behavior of both short and long-term holders. It appears that short-term holders are taking advantage of the surge in Bitcoin’s price to take profit while they can, while long-term holders are holding onto their coins. This indicates that the recent surge in Bitcoin’s price could be a sign of a more sustained rally in the future.