30s Summary

Bitcoin (BTC) investors who held onto the cryptocurrency for less than six months are making significant profits due to the recent price surge above $65,000. According to analytics platform Glassnode, there has been a record number of Bitcoins from these short-term holders being transferred to crypto exchange Binance. A total of over 7,000 Bitcoins (around $480 million) from new investors has been tracked on the platform. Despite a decrease in BTC supply since March, a disparity between supply and demand could suggest future price volatility.

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So, folks that dabble in Bitcoin (BTC) have started raking in the dough as Bitcoin’s value has jumped to a three-month high. According to data from Glassnode, an on-chain analytics platform, Bitcoin owners who held onto their investment for less than six months are making the big bucks because of the Bitcoin price hike above $65,000.

Simply put, these Bitcoin investors who are somewhat new to the game — those holding a certain amount of Bitcoin for less than half a year — are busy cashing in their coins at the moment. The data shows that on October 14, a record number of Bitcoins from these short-term holders’ wallets were sent to Binance, one of the largest global crypto exchanges. This hasn’t happen since the all-time high of $73,800 back in March.

In total, Binance observed over 7,000 Bitcoins (around $480 million) incoming from these recent investors. Taking into account all the major exchanges that Glassnode tracks, these numbers are some of the biggest since early June.

Given the recent price performance of Bitcoin, short-term holders are happily cementing their profits. Currently, they’re seeing a profit dominance with their Profit/Loss Ratio trading at 1.2.

As Cointelegraph reported, investor sentiment for Bitcoin remains changeable this month, with somewhat mild fluctuations causing radical shifts in the market. Also, the market’s seen the largest class of Bitcoin whale gather up 1.5 million Bitcoin in the last few months.

On a final note, Glassnode pointed out that while demand for Bitcoin has widely decreased since those high points in March, so too has the supply available. This indicates a growing difference between supply and demand which could elude to a period of increased price volatility.

Remember though, this doesn’t count as investment advice or recommendations. Every investment and trading move has risks, so do your own homework before taking a decision.

Source: Cointelegraph