New analysis shows that there has been a massive profit-taking event in Bitcoin (BTC) that is comparable to its all-time highs of $69,000.

James Van Straten, a research and data analyst at the cryptocurrency insights company CryptoSlate, noted billions of dollars going to exchanges in a post on December 5.

The recent rise in the price of Bitcoin beyond the $42,000 mark has given hodlers everywhere a welcome reward as 19-month highs have emerged.

On the other end of the spectrum, so-called short-term holders (STHs) have been busy locking in profits on their investments, while long-term investors continue to hold a portion of the BTC supply.

“Bitcoin recorded a 7% gain, culminating in a year-to-date peak of $38,800 by Dec. 1,” he stated and added:

“This milestone ignited the most considerable profit realization from short-term holders seen in recent times since November 2021.”

Entities holding a specific portion of the supply for 155 days or less are referred to as STHs.

Their cost basis has formed a crucial BTC price support this year, and they are indicative of the more speculative class of Bitcoin investors.

Now that BTC/USD has increased by nearly 15% in just one week, data indicates that it is time to reevaluate their exposure.

Van Straten claims that in the four days leading up to December 4, the total volume transfer—coins being ready for sale—between STHs and exchanges has nearly reached $5 billion.

Sources:

https://cointelegraph.com/news/bitcoin-short-term-holder-sales-5b-profit-taking-2021

https://coinmarketcap.com/currencies/bitcoin/

https://cryptoslate.com/insights/nearly-1-5b-in-bitcoin-profits-pocketed-by-short-term-holders-long-time-holders-stay-patient/