In response to the query: Were the short-term holders who sold their Bitcoin able to achieve profits from their transactions?
Analyzing the Short-Term Holder Profit and Loss (PNL) when sending bitcoins to exchanges, we observe that the PNL of the supply sent to exchanges by short-term holders has now reached positive levels, totaling +45,692.32 Bitcoins (October 2nd). This implies that short-term holders have chosen to take advantage of BTC's upward momentum, particularly the surge to $28,500, seizing the opportunity to either secure profits or limit their losses.
Shifting our focus to the Long-Term Holder Net PNL sent to exchanges, the PNL of the supply sent to exchanges by long-term holders has remained steady since the occurrence of the FTX hack in November 2022. As of the 2nd of October, this PNL stands at a notable +10,508 Bitcoins, marking the largest positive daily PNL realized by long-term holders (LTH) in the year 2023.
The decline in the price of Bitcoin, from 28,500 down to 27,100, can be attributed to the profit-taking trend observed among both short-term holders (STH) and long-term holders (LTH), leading to a nearly 5% decrease in BTC's value.
Analyzing the Short-Term Holder Profit and Loss (PNL) when sending bitcoins to exchanges, we observe that the PNL of the supply sent to exchanges by short-term holders has now reached positive levels, totaling +45,692.32 Bitcoins (October 2nd). This implies that short-term holders have chosen to take advantage of BTC's upward momentum, particularly the surge to $28,500, seizing the opportunity to either secure profits or limit their losses.
Shifting our focus to the Long-Term Holder Net PNL sent to exchanges, the PNL of the supply sent to exchanges by long-term holders has remained steady since the occurrence of the FTX hack in November 2022. As of the 2nd of October, this PNL stands at a notable +10,508 Bitcoins, marking the largest positive daily PNL realized by long-term holders (LTH) in the year 2023.
The decline in the price of Bitcoin, from 28,500 down to 27,100, can be attributed to the profit-taking trend observed among both short-term holders (STH) and long-term holders (LTH), leading to a nearly 5% decrease in BTC's value.