Bitcoin rebounds, with record profit-taking observed on Binance
Digital FinancePrice Action
Moreno DV, a registered analyst at on-chain analytics firm CryptoQuant, said on the 20th that the movement of Bitcoin UTXOs in profit on major crypto exchange Binance reached its largest scale on record. The previous record was observed when Bitcoin was trading near its all-time high, and this time the situation differs in that profit-taking on an even larger scale is occurring while the price is pulling back toward the average acquisition cost of short-term holders. Moreno DV analyzed that the sharp increase in UTXOs in profit may indicate that selling capacity from investors freed from unrealized losses is already starting to move. The starting point of this rebound was a sharp rally on the 19th, when on-chain analyst Darkfost pointed out that short-term holders sent 44,300 Bitcoin to exchanges for profit-taking. Bitcoin rose 7.1% from the previous day on a closing basis on the 19th, and the price extended gains to 72,000 dollars yesterday, clearly surpassing the short-term holders' acquisition cost of around 67,100 dollars.
