According to ChainCatcher, data tracked by the analysis company CryptoQuant shows that the number of inactive BTCs has declined in 1-2 years, which is a sign that holders are taking profits when the price of Bitcoin remains near its historical high.

Ilan Solot, co-director of digital assets at Marex Solutions, said in an email on Wednesday: "After Bitcoin prices hit an all-time high, addresses holding Bitcoin for 1 and 2 years have been selling. This offsets the accumulation of long-term holders (+3 years)."