Quick Take
CryptoSlate reported on Dec. 27 an intriguing trend observed among short-term holders (STH) of Bitcoin, based on data from Dec. 26. While STHs, who’ve held Bitcoin for less than 155 days, sent $2 billion worth of Bitcoin to exchanges, the majority of them sending Bitcoin at a loss.
Despite this apparent setback, Dec. 27 marked a significant profit-taking event, with over $1.2 billion worth of profit directed to exchanges from STHs. Outside of Dec. 1 and 4, ranking as the third largest single day of profit transfer to exchanges.
Interestingly, even amidst the transfer to exchanges for profits or losses, STHs have increased their Bitcoin supply. In November, they held 2,268 million Bitcoin, and this figure has grown to 2,369 million Bitcoin, showcasing an expansion in their holdings. Conversely, long-term holders appear to have hit a pause and have slightly sold off from the top, approximately 60,000 Bitcoin.
The post Over $1.2 billion in Bitcoin profits cashed out by short-term holders appeared first on CryptoSlate.
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