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Record Gains Drive Bitcoin Holders to Cash Out

17.11.2024 17:00 1 min. read Alexander Zdravkov
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Record Gains Drive Bitcoin Holders to Cash Out

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.

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