Bitcoin long-term holder begin to ease off profit-taking: Glassnode

Bitcoin's March all-time high saw a spike in profit-taking by long-term holders, but this activity has since begun to taper off, a Glassnode report said.

According to the report, the balance of assets between long-term bitcoin holders and new demand suggests the current market is in the early stages of a euphoria, or price discovery, phase. However, the Glassnode analysis noted that previous euphoria phases have experienced numerous price drawdowns exceeding 10%, with the majority being much deeper, with 25% plus price corrections being commonplace.

He said that regulatory-related actions have also driven the pivotal price moments since the last halving in May 2020. Lu described how the bitcoin price had reached multiple former all-time highs following the previous halving in May 2020, with three significant price peaks occurring after the Coinbase IPO in April 2021, the approval of bitcoin futures ETFs in November of the same year, and the third in March of this year, catalyzed by the approval of spot bitcoin ETFs.

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