BTC hit $71,375 on March 26, returning close to its all-time high of $73,738 earlier this month, but it failed to break through to a new peak.

This was largely due to profit-taking, which has accelerated, according to on-chain analytics provider Glassnode.

“Several on-chain indicators have flagged an uptick in profit-taking events,” the firm noted in its weekly update. With more than $2.6 billion in realized profit taken, the market has reached resistance, it added.

作為 #Bitcoin 當市場在 73 美元的新 ATH 處遇到阻力時，長期持有者群體已經加大了整體分配壓力。

隨著投資者開始拋售籌碼，市場目前的已實現利潤已超過 $2.6B/天。

發現更多… pic.twitter.com/YHXRnbUnFR

- glassnode（@glassnode） 2024 年 3 月 26 日

Profit-Taking Typical Behavior

On March 26, Glassnode observed that Bitcoin’s 16％修正 was almost identical to the pre-halving pullback in the previous cycle.

It added that the majority of the 2 million BTC that switched from a status of being ‘in-profit’ to being ‘in-loss’ during the retrace now have a cost basis above $61.2K and have recently changed hands.

As the market reached its peak level, more than $2.6 billion in realized profit was locked in via on-chain spending, Glassnode 報導.

Moreover, around 40% of this profit-taking was attributed to long-term holders, “which includes investors divesting from the GBTC Trust.”

Grayscale’s GBTC has shed 277,393 BTC since it was converted to a spot ETF in mid-January, with another $212 million in 流出 measured on March 26. However, the newly launched nine ETFs have swallowed up that outflow 等等。

The remaining $1.56 billion in realized profit was locked in by short-term holders, it added. Traders were taking advantage of the inflowing liquidity and market momentum, mirroring previous cycle peaks.

“這兩個群體的已實現利潤已達到與 2021 年牛市高峰期相似的幅度。”

Glassnode concluded that profit-taking was “not atypical market behavior” and aligns very closely with market patterns observed during all prior cycle all-time high breakouts.

Crypto Markets的其他地方

BTC was trading flat on the day at around $70,000 at the time of writing as markets took a breather. At current levels, it is just 4.6% down from its March 14 peak price.

Total capitalization was $2.79 trillion, just 9.4% away from its peak of $3.08 trillion in November 2021.

Most of the altcoins were also flat during the Wednesday morning Asian trading session. However, BNB, XRP, AVAX, and TON were retreating slightly as DOGE, SHIB, and ICP saw marginal gains.