Long-term holders have sold almost 550,000 BTC as the rising price spurs profit-taking.
Last week, one-day profit-taking touched a record high in dollar terms, more than $10.5 billion.Bitcoin has dropped 7.6% since it almost — but not quite — touched the psychological wall of $100,000 on Nov. 22.
Even so, the slide isn't out of the ordinary. In bull markets bitcoin typically tumbles as much as 20% or even 30%, so-called corrections that tend to flush out leverage in an overheated market. From September to November 2024, these investors have sold 549,119 BTC, or about 3.85% of their holdings. Their sales, which started in October and have accelerated since, even outweighed buying from the likes ofWhat's noticeable from patterns in previous bull markets in 2017, 2021 and early 2024, is that the percentage drop gets smaller each cycle.
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