Bitcoin Back At $109,000, But HODLer Profit-Taking Down 89%
Summary
Veteran Bitcoin investors are realizing 89% less profit compared to the peak in May, despite current prices being similar. The Realized Profit metric, which measures profits from sales based on previous purchase prices, indicates that 1+ year holders, known as "diamond hands," are not selling significantly. In late May, these investors took profits as Bitcoin surged to $110,000, leading to a subsequent decline. Currently, the 24-hour simple moving average of their Realized Profit is $13.6 million, down from $126 million last month. This suggests that seasoned investors may anticipate further gains in the ongoing Bitcoin rally. Bitcoin's price is approximately $109,100, reflecting a 2% increase over the past week.
