Quick Take

The digital asset market experienced a notable increase in profit-taking from Bitcoin on April 1, with realized profits reaching $3.3 billion, according to Glassnode, marking the highest level since March 25. This trend is anticipated, as Bitcoin recently reached all-time highs last month, prompting investors to capitalize on gains following the digital asset’s remarkable performance in the first quarter.

Realized Profit: (Source: Glassnode)

Historical data indicates that the 14th week of the year typically sees Bitcoin’s price performance at its weakest, with an average decline of 4.75%. This pattern may be associated with the April 15 tax deadline in the United States, prompting investors to sell holdings to meet tax obligations.

During the peak of Bitcoin’s recent rally, 100% of the circulating supply was in profit. However, following the price drop to $66,000, approximately 10% of the supply representing coins purchased above $66,000 is now at an unrealized loss. The last time the percentage of supply in profit was around 90% was on March 22, when Bitcoin’s price hovered around $63,000, according to Glassnode.

Percent Supply in Profit: (Source: Glassnode)
Percent Supply in Profit: (Source: Glassnode)

The post Bitcoin realized gains soar to $3.3 billion amid profit taking appeared first on CryptoSlate.

Source link