Analyzing the number of bitcoins that have entered the exchange for possible sale, we observe the following:
- Profit and loss (PNL) on the supply sent to the exchange by short-term holders has reached a positive level: +45,692.32 bitcoins (as of October 2). This means that short-term holders decided to take advantage of BTC's rally, particularly the jump to $28,500, to secure profits or limit their losses.
- Profit and loss (PNL) on delivery sent to the exchange by long-term holders has remained stable since the November 2022 FTX hack. As of October 2, this PNL is +10,508 bitcoins, the largest positive daily PNL realized by long-term holders (LTH) in 2023.
The decline in the price of Bitcoin from $28,500 to $27,100 can be attributed to the profit-taking trend among short-term (STH) and long-term (LTH) holders, which resulted in a nearly 5% decline in the value of BTC.
- Profit and loss (PNL) on the supply sent to the exchange by short-term holders has reached a positive level: +45,692.32 bitcoins (as of October 2). This means that short-term holders decided to take advantage of BTC's rally, particularly the jump to $28,500, to secure profits or limit their losses.
- Profit and loss (PNL) on delivery sent to the exchange by long-term holders has remained stable since the November 2022 FTX hack. As of October 2, this PNL is +10,508 bitcoins, the largest positive daily PNL realized by long-term holders (LTH) in 2023.
The decline in the price of Bitcoin from $28,500 to $27,100 can be attributed to the profit-taking trend among short-term (STH) and long-term (LTH) holders, which resulted in a nearly 5% decline in the value of BTC.