Bitcoin Short-Term Holders Take $5B in Profits as Price Hits 19-Month High
• Bitcoin short-term holders (STHs) have sold close to $5B as profits near 19-month highs, mimicking activity from the 2021 all-time highs • STHs typically correspond to more speculative Bitcoin investors who sell to lock in profits from price rises • In the 4 days leading up to Dec. 4, STHs transferred close to $5B to exchanges, preparing coins for sale • The milestone of Bitcoin reaching $38,800 on Dec. 1, its highest since May 2021, triggered significant STH profit-taking • According to on-chain data, STH behavior is copying what happened during the last bull market when BTC hit $69,000