Bitcoin (BTC) Reaches New All-Time High of $111,746, But Profit-Taking Remains Subdued

Today, Bitcoin ($BTC) reached its exclusive all-time high $111746, however, the usual profit-taking remained significantly subdued. As per the data from Glassnode, just $1.00B in the cumulative spent Bitcoin ($BTC) volume was actually realized in terms of profit

Bitcoin (BTC) reached a new all-time high of $111,746 today, but the usual profit-taking was significantly more muted than usual, according to on-chain analytics firm Glassnode.

According to the firm, only $1.00B in cumulative spent Bitcoin (BTC) volume was actually realized in terms of profit, which is highlighting the unwavering investor faith. The firm discussed the growing confidence in the top crypto asset on its official X account.

When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B - less than half the amount realized when #Bitcoin first crossed $100K last December, which hit $2.10B. Despite a higher price, profit realization was far more muted. pic.twitter.com/GtZXU23yO9

Despite Bitcoin's Higher Price, Profit Taking Remains Calm

This indicates relative calmness in the present profit realization process despite Bitcoin's higher price. In this respect, the analysts consider this development to be a sign of the rising maturity among $BTC holders.

Specifically, the short-term Bitcoin holders, including those who have held $BTC for less than even a month, have increased their activity. This figure has jumped from 44.6%, as seen in December last year, to 76.9%, as recorded in May this year.

Long-Term $BTC Holders Express Strong Conviction

On the other hand, the long-term Bitcoin ($BTC) holders, who have held $BTC for more than six months, have decreased their activity. Over the same period, this activity has plunged from nearly 24.7% to only 13.4%.

This underscores the strong conviction among the long-term Bitcoin investors.

This investor behavior divergence signifies a notable shift, marked by considerable factors. Realized profits currently stand at a lower level, while long-term Bitcoin holders are continuously holding out. Along with that, the short-term $BTC traders are pushing the market. This may be establishing a basis for sustained bullish momentum.