Since November 12, the Bitcoin market has entered a phase marked by significant profit-taking. According to CryptoQuant data, daily realized profits have averaged approximately $5 billion, representing the highest profit levels seen in over a month.
Record Profits on November 12
On November 12, Bitcoin investors recorded a massive $5.1 billion in profits as the cryptocurrency traded near $88,000. However, the profits slightly declined to $4.75 billion by November 13 before rising again to $4.8 billion on November 14. On that day, Bitcoin reached a new all-time high, surpassing $93,000.
A Surge Fueled by Market Optimism
This spike in profit-taking follows Bitcoin’s impressive rally above $90,000, which was driven by heightened market optimism after President Donald Trump’s election win on November 5. Many investors appear to be cashing in on one of Bitcoin’s most remarkable price surges.
Profit-Taking Led by Long-Term Holders
CryptoQuant’s Spent Output Profit Ratio (SOPR) data reveals that long-term Bitcoin holders are leading the charge in profit-taking. The SOPR metric, which tracks realized profits across different investor groups, saw a sharp increase on November 13, reaching its highest level since August.
Historical Trends and Market Implications
Such patterns have historically signaled either a price peak or the onset of a consolidation phase, suggesting that the market may be nearing a point of stabilization after the recent rally.
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