Glassnode Sees Near-Record Profits for Bitcoin Veterans, Flags Late Cycle

Blockchain analytics firm Glassnode said long-term Bitcoin holders have already realized more profit in the current market cycle than in every cycle except 2016-17. The firm’s on-chain data show an uptick in coins being moved from older wallets to exchanges, a pattern typically associated with profit-taking.

The acceleration in realized gains points to growing sell-side pressure and suggests the market is entering a late phase of its cycle, Glassnode added. While more than 99% of Bitcoin’s trading history remains profitable for holders, the latest figures indicate that investors who accumulated during prior troughs are increasingly cashing out.

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