Bitcoin: A wave of profit-taking weakens the rebound

According to CryptoQuant data, bitcoin holders have realized 110,000 BTC of net profits since August 19. Such profit-taking follows a rally that drove the price from under 65,000 dollars to over 82,000 dollars. Bitcoin is now trading around 80,000 dollars, while many indicators point to a slowdown in demand. Thus, the risk of correction increases, but the overall trend is not yet bearish.

In brief

Four indicators signal a loss of momentum

While crashes decrease, on August 21, net realized profits amounted to around 23,000 BTC. In fact, this is the highest daily level this year. Their total reaches 110,000 BTC since August 19.

This statistic does not mean that 110,000 bitcoins were necessarily sold on exchanges. The indicator measures profits linked to bitcoins moved at a price higher than their value during their previous transfer. Various movements therefore correspond to internal operations or transactions between wallets, according to the CryptoQuant report.