Glassnode: Long-term bitcoin holders are taking profits and this is a bullish factor
Investors who have held bitcoins for a long time are now selling them in order to fix profits, analysts at Glassnode found out..
To do this, they studied the movement of assets of such investors. Glassnode’s long-term investors are those who hold bitcoin for more than 155 days in a row. It was found that the amount of bitcoins at their disposal decreased from 12.6 million on October 23 to 12.3 million on November 19. At the same time, the assets of short-term investors increased, who could buy them from more serious-minded market participants in the pursuit of immediate profits.
Glassnode states that long-term investors’ profit taking should not be considered a bearish signal. On the contrary, they managed to trace the correlation between the sales of such investors and the rise in the price of bitcoin, while market participants are inclined to buy for a long time on a pullback..
“We are currently seeing a negative spike, indicating that bitcoins from hodlers have begun to move on the blockchain in response to the recent appreciation. Note that this has often been observed in previous cycles and indicates that we could potentially be in the early stages of a bullish rally, ”writes Glassnode.
According to analysts, currently 12 million BTC long-term holders and 3.5 million BTC short-term holders, which in both cases corresponds to 97% of the total, are profitable..
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