Rally

HODL

Bitcoin

Diamond Hands

Diamond

<ul> 
 <li>Despite market fluctuations, Bitcoin held firmly at the $30,000 level throughout last week.</li> 
 <li>The rally strengthened with the increasing interest of traditional finance giants in cryptocurrencies, attracting the attention of short-term Bitcoin investors (STH).</li> 
 <li>There has been a sharp decrease in the supply held for 1-3 months in the past two weeks, supporting the distribution narrative.</li> 
</ul> 
The recent rally in Bitcoin price has attracted “weak hands” and led to a rapid transfer of Bitcoin to exchanges: are “diamond hands” doing the same? 
<h2 id="strong-rally-in-bitcoin-attracts-sth-investors-strong">Rally in Bitcoin Attracts STH Investors</h2> 
<img decoding="async" class="alignnone size-full wp-image-126946" src="https://en.coinotag.com/wp-content/uploads/2023/03/Bitcoin-BTC-30.jpg" alt="Bitcoin (BTC) (30)" width="1920" height="1080"> 
Despite market fluctuations, Bitcoin held firmly at the $30,000 level throughout last week, demonstrating its resilience and reigniting hopes for future upward movement. 
The rally, fueled by the increasing interest of traditional finance giants in cryptocurrencies, attracted the attention of short-term Bitcoin investors (STH). According to the report by on-chain analytics firm Glassnode, the percentage of STH supply sent to exchanges rose to 1.28, encompassing over 35,000 BTC. 
As seen in the chart below, inflows have steadily increased in the past few days, indicating the willingness of STH investors to sell their assets and lock in profits. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/The-Slowdown-in-Bitcoins-Rise-as-Short-Term-Investors-Send-Bitcoin.png"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-134342 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/The-Slowdown-in-Bitcoins-Rise-as-Short-Term-Investors-Send-Bitcoin.png" alt="bitcoin-sth" width="4053" height="2334"></a> 
<h2 id="strong-short-term-investors-realize-profits-strong">Short-Term Investors Realize Profits</h2> 
STH participants are those who hold coins for less than 155 days. This user group, also known as “weak hands,” is believed to have low risk tolerance and tends to abandon their positions due to market volatility. 
As shown below, there has been a sharp decrease in the supply held for 1-3 months in the past two weeks, supporting the distribution narrative. Interestingly, this age group showed an increase in HODL activity during May when BTC was in a range. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-134368 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png" alt="bitcoin-supply-last-active" width="1536" height="864"></a> 
Meanwhile, most STH investors believed that selling their tokens on exchanges would be profitable. According to blockchain research firm CryptoQuant, the Short-Term Holder’s SOPR has been above 1 since the start of the bull rally last week, indicating that the majority of these investors have sold Bitcoin profitably. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/1688042067_816_Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-134369 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/1688042067_816_Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png" alt="bitcoin-sth-sopr" width="2560" height="1612"></a> 
<h2 id="strong-are-diamond-hands-doing-the-same-strong">Are Diamond Hands Doing the Same?</h2> 
While STH investors realize their profits, long-term investors (LTH) continue to HODL. LTH participants are those who hold their coins for more than 155 days. 
As seen in the example of Net Unrealized Profit/Loss, despite the net profit situation of the network, there has been an increase in most age groups corresponding to LTH supply. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/1688042067_346_Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-134370 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/1688042067_346_Bitcoins-Rising-Rally-Tempts-Short-Term-Investors.png" alt="bitcoin-supply-last-active-2" width="1800" height="1013"></a> 
The post <a rel="nofollow" href="https://en.coinotag.com/bitcoins-rising-rally-tempts-short-term-investors/">Bitcoin’s Rising Rally Tempts Short-Term Investors</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.

Bitcoin’s Rising Rally Tempts Short-Term Investors

Table of Contents

CO NEWS

Other articles published on Jun 29, 2023

Bitcoin == Internet's Currency?

Leading Bitcoin Mining Firm Acquires 33,280 Mining Rigs Ahead of Halving

Critical Date Announced for This Altcoin: Launching on July 5th!

Prominent Lawyer Debunks Rumors of Secret Plot in SEC vs. Ripple Legal Battle

The Battle Of Meme Coins – Caged Beasts Coin, Dogecoin and Shiba Inu

Top Shareholder Defends Binance As the SEC Lawsuit Intensifies

Join our free newsletter for daily crypto updates!