Bitcoin, the world’s leading cryptocurrency, has experienced a significant rise in both value and market activity, reaching a three-month high.
Currently trading at $67,896.40, Bitcoin has seen a notable 11.96% increase over the past week. This recent surge in price has led to increased trading activity, as both long-term and short-term holders adjust their portfolios amid favourable market conditions.
Investor Locks $44.28 In Profit
According to Lookonchain, a savvy Bitcoin holder known for holding onto assets for years, recently sold 199 BTC worth $13.55 million, marking another profitable move. This individual had initially withdrawn 801 BTC from the HTX exchange five years ago for $10,297 per Bitcoin.
In the past month alone, they sold 500 BTC for $32.13 million and still hold 301 BTC, with a total profit amounting to an impressive $44.28 million.
Such “diamond hand” investors, known for holding Bitcoin through price fluctuations, are now taking advantage of the recent highs to lock in their gains.
On-chain analytics platform Glassnode reports that short-term holders are actively capitalizing on Bitcoin’s price climb. With Bitcoin crossing the $65,000 mark, many STHs have seized the opportunity to lock in profits, contributing to the increased market activity. This behaviour is typical during price rallies when traders see the opportunity to realize profits from their holdings.
Whale Transactions at 10-Week High
In addition, large-scale Bitcoin transactions valued at more than $100,000, or “Whale Activity,” have surged to a level not seen in almost a week. 11,697 whale transactions were recorded last Tuesday alone, indicating a substantial amount of movement in the market. Increased whale transactions, in which wealthy investors either distribute or accumulate their assets, are frequently a sign of changing market mood.
Conversations on social media have also been dominated by Bitcoin’s recent price spike. Bitcoin is currently the topic of more than 25% of all conversations on cryptocurrencies, indicating a growing interest from the wider trading community. This increase in interest is indicative of traders’ optimism, particularly after Bitcoin momentarily crossed $68,000, a figure not seen since July.