The data on the chain show that the Bitcoin network has experienced a peak in profit activity for investors, but so far, the price has managed to hold.
Bitcoin has experienced several profit peaks of $ 500 million per hour recently
According to data from the Glassnode chain analysis company, the profit indicator has recently recorded several major tips for Bitcoin. The “profit made” here refers to a chain indicator which maintains the trace of the total amount of profits that the BTC investors “make” thanks to their transfers on the network.
The metric works by passing through the transfer history of each part sold or moved to see at what price it was processed before that. If this previous transaction price is lower than the current sale price for any token, then the sale of a particular corner leads to the realization of a gain equal to the difference between the two values.
The benefit made summarizes this difference for all for -lucrative movements to determine the total of the network. A counterpart indicator called the loss made support sales of the opposite type.
Now here is the graph shared by the analysis firm which shows the trend in the profit produced by Bitcoin in recent months:
Looks like the value of the metric has been quite high in recent days | Source: Glassnode on X
Note that the version of the benefit made in the graph is that of “reduced”, which means that it follows not only the transfers occurring between different wallets but also the transfers between different entities.
Glassnode defines an “entity” as a group of addresses which he determined to belong to the same investor by his analysis. Naturally, the movements that occur between the portfolios of the same owner do not reflect the achievement of a profit, therefore taking into account the entities cleans the data.
As visible in the graph, the profit made adjusted in Bitcoin entity experienced several major points towards the end of last month, which indicates that investors made a significant profit. These peaks coincided with the decline of the assets of its nearby levels, so it is possible that this sale was the trigger.
Now, the indicator has experienced some of these more peaks, corresponding to for-profit victims exceeding $ 500 million per hour. Thus, it would seem that investors have not yet been finished harvesting their earnings.
This time, however, Bitcoin has not seen going so far. It remains to be seen, however, how long it would last if the peaks of profit achieved continue to emerge.
BTC price
At the time of writing the editorial staff, Bitcoin floats around $ 104,900, down almost 4% in the last seven days.
The price of the coin appears to have been moving flat recently | Source: BTCUSDT on TradingView
Dall-E star image, Glassnode.com, tradingView.com graphic
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