Surge in BTC short-term holder profits a hurdle to momentum, says Glassnode

A surge in realized profits among short-term Bitcoin holders is absorbing upward momentum before a full-scale rebound can begin, according to an analysis by Glassnode. The on-chain analytics firm noted that as the price of BTC surpassed $74,000 this week, the realized profit for these holders soared to $18.4 million per hour, based on a 12-hour moving average. Glassnode added that this aligns with a pattern observed throughout February, when continuous profit-taking by short-term holders around the $70,000 mark similarly dampened upward momentum.