The Bitcoin market has been experiencing a lot of profit-taking since Nov. 12, with daily realized profits averaging around $5 billion, marking the highest profit levels in over a month. On Nov. 12, Bitcoin investors recorded $5.1 billion in profits as the asset traded near $88,000. By Nov. 13, profits declined slightly to $4.75 billion but rose again to $4.8 billion on Nov.
14, with Bitcoin’s price reaching a new all-time high above $93,000. The activity follows Bitcoin’s recent rally above $90,000, due to market optimism after President Donald Trump’s election win on Nov. 5. Many investors are locking in gains after one of the most impressive runs in Bitcoin’s history.
According to CryptoQuant’s spent output profit ratio (SOPR) data, long-term holders are leading the profit-taking, as the SOPR metric spiked sharply on Nov. 13, reaching its highest point since August. Historically, such trends often indicate a potential price peak or the start of a consolidation phase.
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<p>The post Bitcoin Market Sees Over $5 Billion in Daily Profits first appeared on CoinBuzzFeed.</p>
