Short term bitcoin Holders have been buying lately, accumulating more than 1.2 million btc since December 2023, according to Glassnode. bitcoin has received a lot of interest from investors since the beginning of the year, and rightly so, considering the amount of attention the launch of bitcoin Spot ETFs in the US has attracted.
While the cryptocurrency has gone through an extended period of bullish action, most of the accumulation trend has been largely attributed to bitcoin-whales-7-billion-shopping-spree-new-ath/” rel=”nofollow”>whales and directions hold large amounts of bitcoin for long periods. However, recent x.com/glassnode/status/1775891144096034847?s=46″ rel=”nofollow”>Glassnode data has revealed an interesting accumulation trend among short-term holders. At the same time, the profit/loss ratio of this trading cohort has remained within the profit zone since the beginning of the year, with profit taking that multiplies losses by 50.
Interest in bitcoin among retail investors
Investors have seen bitcoin struggling to trade above the $70,000 price level since mid-March. However, bitcoin on-chain data has recently revealed a bitcoin-bullish-accumulation-addresses-buying-big/” rel=”nofollow”>interesting accumulation trend of bitcoin holding addresses. Notably, 21,400 btc, worth around $1.4 billion, moved to these addresses in recent days, indicating that buying pressure may have already returned.
The collective holding of short-term holders has increased rapidly since December 2024, while long-term holders have been spreading out. Short-term holders are those wallets that hold bitcoin for only a few weeks or months at a time. The fact that so many new coins have recently entered the wallets of short-term holders shows that many investors have been entering the market. This, in turn, could suggest that the cryptocurrency has finally achieved wide-scale adoption, which could lead to continued price growth over the years.
P&L data reveals that short-term holders have collectively made gains since the beginning of the year. According to Glassnode, short-term holders have been buying and selling at a profit for most of 2024 so far. In fact, short-term holders' gains have exceeded losses by 50 times. This means that more than 49 out of 50 short-term holders were selling their bitcoin at a higher price than they paid.
<img decoding="async" class="alignnone wp-image-601555 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-short-term-holders.png?w=460&resize=557%2C321" alt="Short-term bitcoin holders" width="557" height="321" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-short-term-holders.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-short-term-holders.png?w=460&resize=557%2C321 460w" sizes="(max-width: 557px) 100vw, 557px" loading="lazy" data-recalc-dims="1"/>Source: Glassnode
Curiously, the recent rise to a new all-time high saw the realized profit/loss ratio for short-term holders peak at the 7D exponential moving average.
Retail interest to boost btc price?
The wave of buying by both short-term and long-term holders suggests that both bitcoin-will-btc-prices-follow-rampant-gold/” rel=”nofollow”>retail and institutional interest in bitcoin is now at its highest point. The fundamentals point to the probable continuation of this trend throughout April, especially with the bitcoin-could-reach-170000-post-halving/” rel=”nofollow”>getting closer of the upcoming bitcoin halving.
At the time of writing, bitcoin is trading at $66,903, up 1.87% in the last 24 hours.
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btc price drops below $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
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