Bitcoin’s market activity has surged since November 12, with investors cashing in significant profits.
According to recent data, daily realized profits have soared to their highest levels in over a month, averaging $5 billion.
On November 12 alone, profits hit $5.1 billion as Bitcoin hovered near $88,000. Although profits dipped slightly to $4.75 billion the following day, they rebounded to $4.8 billion by November 14, coinciding with a new all-time high of over $93,000.
This wave of profit-taking follows Bitcoin’s explosive rally past $90,000, spurred by renewed market optimism after Donald Trump’s election victory on November 5. Many investors appear to be locking in gains after one of the cryptocurrency’s most remarkable climbs.
CryptoQuant’s spent output profit ratio (SOPR) data reveals that long-term holders are driving much of the sell-off. On November 13, SOPR spiked to its highest level since August, reflecting substantial realized profits among this group.
Analysts note that such behavior often signals the approach of a price peak or the beginning of a consolidation period, potentially setting the stage for Bitcoin’s next move.
European banking giant UniCredit is preparing to offer its professional clients a new investment product linked to BlackRock’s spot Bitcoin ETF (IBIT), according to a report by Bloomberg.
Connecticut has officially distanced itself from government adoption of digital assets like Bitcoin. On June 30, Governor Ned Lamont signed House Bill 7082 into law, placing sweeping restrictions on how the state and its agencies can engage with cryptocurrencies.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.