{"id":87876,"date":"2023-12-05T16:10:44","date_gmt":"2023-12-05T14:10:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87876"},"modified":"2025-09-13T14:33:56","modified_gmt":"2025-09-13T11:33:56","slug":"expert-identifies-5-billion-of-profit-taking-by-bitcoin-speculators","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-identifies-5-billion-of-profit-taking-by-bitcoin-speculators\/","title":{"rendered":"Expert identifies $5 billion of profit-taking by Bitcoin speculators"},"content":{"rendered":"

Digital gold faced a wave of profit-taking worth $5 billion, comparable to levels seen during the run to ATH<\/span> near $69,000. Such estimates were provided by<\/a> analyst James van Straten.<\/p>\n

The figure corresponds to the dollar value of coins sent from wallets to exchanges between December 1 and December 4.<\/p>\n

Speculators include those who hold coins for less than 155 days. Their activity helped form a trough in this year, Van Straten noted.<\/p>\n

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\u201cBy December 1, the price had reached $38,000. This threshold led to the most significant profit-taking by short-term holders since November 2021,\u201d<\/em> \u2014 the specialist said.<\/p>\n<\/blockquote>\n

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\"1-851\"
Bitcoin price dynamics and coins sent to exchanges. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n

Philip Swift, founder of LookIntoBitcoin, highlighted Fibonacci ratios that were characteristic of previous bull markets.<\/p>\n

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\u201cMetrics acted as resistance in early bull markets. The x1.6 (green line) is currently at $43,739 and continues to rise,\u201d<\/em> \u2014 he noted.<\/p>\n<\/blockquote>\n

The specialist explained that higher levels \u201chave successfully identified every cycle’s peak.\u201d<\/p>\n

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Data: LookIntoBitcoin.
<\/figcaption><\/figure>\n

IntoTheBlock researchers noted the steadfastness of hodlers who did not exit positions after surpassing the $40,000 psychological level. According to the analysts, long-term investors have increased holdings by 360,000 BTC since early November, to 13.8 million BTC.<\/p>\n

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Even with Bitcoin breaking $40k, long-term Bitcoin holders aren’t cashing out. In fact, they’ve upped their game, collectively acquiring over 360,000 BTC since early November. This group now holds over 13.8 million BTC.
?https:\/\/t.co\/qWhryCeM0D<\/a> pic.twitter.com\/SLdSBTphtX<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) December 5, 2023<\/a><\/p><\/blockquote>\n