Long and short-term Bitcoin (BTC) holders have continued engaging in strategic profit-taking following BTC’s ascent to a new all-time high of $73,800. Bitfinex analysts believe BTC is likely to consolidate within a range, as long-term holders are offloading previously dormant supply., long-term holders’ reactivation of old BTC supply underscores the cyclical nature of the crypto market. It also reflects patterns of distribution and accumulation among investors.
Although the dormant BTC supply being sold is at a relatively smaller scale compared to previous bull market tops, the magnitude of realized profit recorded by long and short-term holders is close to the amount seen during the peak of the 2021 bull market. When BTC touched $73,700 in March, around $
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