- Short-term BTC unloaded over $4 billion in profit through crypto exchanges.
- The massive sell-off occurred in two waves, from Thursday to the weekend.
- Glassnode data attested to the uptick in the influx of funds from BTC traders to exchanges.
Data from prominent market intelligence platform Glassnode has shown considerable profit-taking by Bitcoin traders during recent market gains. Market participants called attention to the trend in numerous posts on X.
Citing data from Glassnode, they claimed short-term Bitcoin holders have unloaded over $4 billion in profit through crypto exchanges. The massive sell-off was said to have occurred in two waves. The first was between last Thursday and Friday, followed by the second batch over the weekend.
According to CoinMarketCap data, BTC broke into the $44k to $45k range between Thursday and Friday, marking a new threshold since its decline to $38,740 last month. BTC traders reportedly cashed out $2 billion this period.
Interestingly, Bitcoin maintained its momentum and climbed further into the $47k range by the weekend, with traders cashing out an additional $2 billion. Essentially, these substantial increases in v…
The post Dump Alert: Bitcoin Traders Unload Over $4 Billion in Profit to Exchanges appeared first on Coin Edition.