• Profit taking increased to a three-week high as BTC crossed $30,000.
• BTC, however, witnessed a more negative flow as its price increased.

In the last few months, the price of Bitcoin [BTC] has consistently encountered a psychological barrier at the $30,000 mark. Recently, Bitcoin surpassed this barrier, leading to a noticeable increase in activities and interest.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin profit-taking surges

As per a Santiment chart, there was increased profit-taking among certain Bitcoin holders, marking the highest level seen in nearly a month. Interestingly, this profit-taking activity was primarily driven by long-term holders.

Examining the Market Value to Realized Value (MVRV) ratio across various periods provided insights into the rationale behind this phenomenon. As of this writing, the intensity of profit-taking has subsided, resulting in a decrease in the ratio of daily on-chain transaction volume in profit to loss.

This ratio had declined to approximately 1.5%.

Bitcoin MVRVs show different profit margins for holders

Comparing the Bitcoin MVRV (Market Value to Realized Value) across different timeframes – 30, 60, 90, and 180 days – sheds light on why long-term holders were able to capitalize on the rising price. Analyzing the 30-day MVRV according to Santiment data, the increase in BTC price resulted in less than a 1% increase

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Author: Adewale Olarinde

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