The sharp increase confirmed that Bitcoin holders have been taking profits. This explains why it has been harder for Bitcoin to sustain its upside above the $28,000 price level. The analysis further looked into the demography contributing to the above observation.
The Glassnode data also disclosed that holders that bought BTC in the last 6 to 12 months have been contributing the most to the sell pressure. These findings reflect previous market observations, which revealed a shift from long-term profits to short-term profits.Interestingly, some on-chain data indicated that whales have been buying despite the surge in profit-taking. The key point to note is the timing of their accumulation.
A potential explanation is that whales have been buying in low leverage conditions and selling when derivatives demand soars. Such instances are usually underpinned by higher leverage and potential
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