Bitcoin long-term holders, who had paused profit-taking since early May, appear to have begun selling off their holdings again, according to Bitfinex analysts.
According to Monday’s Bitfinex Alpha report, the long-term holder spent output profit ratio indicates that this group, which had previously been realizing profits at prices above the last cycle’s all-time high, is now taking profits again. According to CryptoQuant data cited by Bitfinex analysts, the long-term holder output profit ratio is now at 2.7, marking the highest point since CryptoQuant began collecting data for this metric. According to a CryptoQuant chart, when this metric rises above the underlying price of bitcoin, it often precedes a drop in the digital asset's value.The Bitfinex Alpha report added that profit realization is expected in a bull market, but that “the magnitude of this activity raises concerns.
Another point of sell-pressure could potentially arise from the German government’s recent movement of its seized bitcoin to crypto exchanges Coinbase, Bitstamp, and Kraken.
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