New Bitcoin Holders Drive $2 Billion Daily Profit Taking While Veterans Hold Steady

Bitcoin holders locked in over $2 billion in profits during a single day, but analysis from Glassnode reveals a clear distinction in selling patterns between different types of investors. The analytics firm's recent "The Week Onchain" newsletter highlighted that most profit-taking came from relatively new holders.

According to the data, investors who held Bitcoin for 6-12 months dominated the selling activity, accounting for 35.3% of total realized profits. This suggests that more established investors are maintaining their positions, potentially waiting for higher prices before considering sales.

The market recently saw Bitcoin surge to nearly $100,000, leading to a record $443 million in realized profits across all holder categories on November 22. However, the analysis indicates that long-term holders have shown more restraint in selling their positions compared to newer market participants.

The findings have emerged against a backdrop of increased institutional activity, including the launch of U.S. spot Bitcoin ETFs. These ETFs have shown sensitivity to price movements, with data indicating combined net outflows exceeding $550 million over two trading days as Bitcoin's price dropped from about $99,000 to around $90,800.

The impact of recent market movements was also felt by corporate Bitcoin holders. MicroStrategy, known for having the largest corporate Bitcoin treasury, experienced a 35% decline from its peak on November 21, marking one of its worst four-day losing streaks, despite continuing to add to its Bitcoin holdings.

This market behavior suggests a divergence between newer market participants who may be taking profits after recent price increases and more established holders who appear to be maintaining a longer-term investment strategy, even amid significant price volatility.