Bitcoin price decreased from 28,500 to 27,100 due to the profit-taking trend of both short-term (STH) and long-term (LTH) holders. This is the result from analyzing the short-term Profit and Loss (PNL) index when sending Bitcoin to the exchange.
- PNL of supply sent to exchanges by STH has reached positive levels, totaling +45,692.32 Bitcoin (October 2), the same level as early June.
- This shows that STH has chosen to take advantage of BTC's rally, especially the rise to 28,500, to take profits or minimize losses.
- The PNL index of the supply sent to the exchange by LTH has been stable since the FTX hack in November 2022. As of October 2, this PNL reached +10,508 Bitcoin.
- Notably, this is the largest daily positive PNL level that LTH has achieved in 2023.
- This profit-taking trend has caused BTC value to decrease by nearly 5%.
- PNL of supply sent to exchanges by STH has reached positive levels, totaling +45,692.32 Bitcoin (October 2), the same level as early June.
- This shows that STH has chosen to take advantage of BTC's rally, especially the rise to 28,500, to take profits or minimize losses.
- The PNL index of the supply sent to the exchange by LTH has been stable since the FTX hack in November 2022. As of October 2, this PNL reached +10,508 Bitcoin.
- Notably, this is the largest daily positive PNL level that LTH has achieved in 2023.
- This profit-taking trend has caused BTC value to decrease by nearly 5%.