Bitcoin investors engage in mass profit taking

Quick Take

As Bitcoin reached the $30,000 mark recently, many short-term holders took advantage of it and sent their Bitcoin to exchanges. Approximately 48,000 Bitcoin were transferred to exchanges, out of which 41,000 were sent with a profitable outcome.

Notably, short-term holders who had held Bitcoin for less than 155 days were particularly active in realizing their profits. These investors had been acquiring Bitcoin at prices below $30,000. This scenario resembles a previous event during the Silicon Valley Bank (SVB) collapse when short-term traders also capitalized on profit-taking as Bitcoin dropped below $20,000.

Black Swan events have plagued the crypto markets over the past 12 months. During the SVB collapse, most investors chose to take profits, while during the collapse of FTX, where peak fear gripped the market, most investors opted to sell their holdings.

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