Markets· ★★★· neutral·

Bitcoin holders are cashing out, but not like at prior market tops

  • —Bitcoin holders are cashing out, but at a slower pace than at prior tops
  • —The distribution structure differs from previous market cycle peaks
  • —Realized profit is rising gradually, without sharp spikes
Why it matters: A more gradual profit-taking reduces the risk of a sharp price drop and signals a shift in holder behavior.
Source: CoinDesk