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Profit-taking by BTC investors is declining despite the price rise, according to an analysis by on-chain analyst Axel Adler Jr.
Adler said trades locking in losses had almost consistently dominated from mid-May through Aug. 19, but realized profits began to outweigh them starting Aug. 20. Weekly realized profit reached $9.1 billion when BTC was priced at $78,600 on Aug. 26, but came to just $7.3 billion when the price climbed to $84,100 on Sept. 24. Although the price moved higher, the scale of profit-taking fell 19%, Adler said. Realized returns for short-term holders also dropped to 1% on Sept. 28 from 2.8% on Aug. 26, which Adler said suggests investors are delaying sales as they expect further upside.