Bitcoin holders are taking short-term profits at the widest margin in more than a year, CryptoQuant said in a report. By shauryamalwa
On-chain data suggests some traders and whales – a colloquial term for holders of large amounts of tokens – are taking profits after weeks of gains, which may fuel a decline in the coming days.
“Short-term holders are taking profits at the highest profit margin in more than a year. There’s a recent increase in spending activity in large bitcoin holders and a slight decrease in their holdings. And price valuation momentum is increasing to overvaluation territory,” the note said.
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