Key Points
- Long-term holders are starting to sell their Bitcoin positions as the price exceeds $100K.
- Short-term traders are capitalizing on the bullish market momentum.
Long-term investors in Bitcoin (BTC) are beginning to sell off their holdings as the cryptocurrency’s price surpasses the $100K mark.
At the same time, short-term traders are taking advantage of the positive market sentiment, riding the wave of profits.
Signs of Distribution
After a period of steady accumulation, during which the supply of long-term holder (LTH) Bitcoin increased from 13.66 million BTC in mid-March to a peak of 14.29 million BTC, a reversal in trend is being observed.
The month of May has seen two consecutive declines in LTH supply, coupled with a rise in LTH spending to 0.43, indicating a significant increase.
These subtle shifts often signify impending local tops, as experienced holders begin to take profits ahead of wider market movements.
With Bitcoin currently trading above $100K, these turning points demand careful scrutiny.
Short-term Traders Profit
Short-term traders are back in profit, leveraging the bullish market momentum to their advantage. These traders are making the most of the current market conditions, potentially contributing to the observed increase in LTH spending.
