In recent months, Long-Term Holders (LTH) have been consistently locking in around $138 million in daily profits despite turbulent market conditions.
This steady flow of profits underscores the ongoing supply and demand dynamics, where each transaction involves a buyer and a seller, with price adjustments balancing these forces.
This $138 million daily sell-side pressure from LTHs suggests a significant amount of capital is required each day to absorb this supply and keep prices stable.
Although market conditions have been volatile, Bitcoin prices have remained relatively flat over the past few months, indicating a potential equilibrium is forming.
Bitcoin’s demand growth has slowed markedly and recently turned negative. Since early April, when apparent demand was nearing $70,000, there has been a noticeable decline.
The Bitcoin bull-bear market indicator has been shifting between bearish and bullish signals, but it has recently transitioned back to a bullish stance.
Current data shows that 63.34% of top trader accounts on Binance are holding long positions in Bitcoin. If Bitcoin can sustain its
support level at $60,365, key resistance levels to watch are $64,045 and $66,250.On August 22, Bitcoin spot ETFs experienced a total net inflow of $64.91 million, continuing a streak of six consecutive days of positive inflows. Specifically, the Grayscale ETF (GBTC) saw an outflow of $28.36 million, while the BlackRock ETF (IBIT) had an inflow of $75.49 million, and the Fidelity ETF (FBTC) gained $9.23 million. The total net asset value of Bitcoin spot ETFs now stands at $55.13 billion.
As the market adapts to these mixed signals, the steady profit-taking by LTHs and the fluctuating ETF flows highlight the ongoing adjustments within the Bitcoin ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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