Bitcoin realized returns by long-term holders (LTH) and short-term holders (STH) show significant volatility throughout 2024. Chart illustrates periods of increasing returns, especially from LTH , marked by prominent blue peaks.
Early in the year, a sharp increase in realized returns occurred in late February to early March, coinciding with Bitcoin's all-time high. This activity shows a notable profit-taking event between both LTH and STH, reflecting market sentiment and profit optimization strategy.
BTC: Realized profit by LTH/STH: (Source: Glassnode)
As the year continued, real returns continued to show spikes, with another significant peak at the end of May. This corresponds to Bitcoin's value reaching around $70,000, indicating another period in which Investors took advantage of the price increase. LTH's sustained performance throughout these periods suggests exit strategies within the uptrend.
The data also points to an accumulation of real gains in July, in line with Bitcoin, which was close to $70,000 once again. This shows a continuing pattern of LTH taking advantage of high prices to realize profits. Compared to that, STH's actual profits, shown in red, are less frequent and unclear, indicating a lower frequency of profit taking from this group.
In summary, the patterns observed throughout 2024 emphasize LTH's strategic behavior in capitalizing on market price rallies, while STH shows more cautious profit-taking behavior.
BTC: Realized profit by LTH/STH: (Source: Glassnode)
* Realized return is an index that measures the total return of a digital asset, calculated as the difference between the sell price and buy price for all coins spent, where the sell price is higher than the buy price . The LTH/STH Real Returns Index (Long-Term Holders/Short-Term Holders) classifies digital assets into two groups based on holding period.
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