As Bitcoin reached a notable milestone of $35,000, up 20% in the past five days, it marked the fourth largest instance of profit-taking by short-term holders, classified as those who have held Bitcoin for less than six months and transferred approximately 28,000 Bitcoin to exchanges for profit.
The dwindling supply by short-term holders, now standing at around 2.35 million BTC, echoes a progressive decrease in this cohort’s impact on the market, particularly when compared to long-term holders, who now occupy almost 15 million of the Bitcoin supply.
This shift is essential because about 11.5 million BTC, currently held by long-term holders, are profitable. Interestingly, this was also the scenario in May 2022, right before the Luna collapse.
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