Bitcoin Short-Term Holders Dominate Profits Amid Price Rebound
Bitcoin’s recent price surge to $65,000 has brought significant profits to short-term holders, as revealed by a recent report from data platform Glassnode. The report shows that short-term holders currently dominate the market in terms of profitability, with a Profit/Loss Ratio of 1.2. This increase in profit dominance comes after weeks of volatility and consolidation, resulting in a notable price recovery. The rise in profitability suggests a possible improvement in investor sentiment and could impact future price movements. However, potential volatility may arise due to a decline in open interest, as seen in the recent closing of $2.5 billion in futures open interest. Bitcoin has displayed strong price performance since recovering the $65,000 mark, with analysts predicting a possible rally to new all-time highs in the short term or before the end of the year.
