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