Bitcoin Soars, Traders Take Advantage And Cash In 850 Million!

Bitcoin seems poised for a strong comeback after experiencing a sharp drop post-September, falling far from its $53,300 mark. As usual, this type of movement raises the adrenaline of small investors. Some seize the opportunity to make quick profits. But that’s not all, as large wallets also seem to be on the move… for different reasons.

Small Investors Are Thriving on Bitcoin

Bitcoin has seen a surge this week, climbing above $58,000, leaving behind those who had not bet on such an increase. Short-term holders, never missing an opportunity, jumped on the chance to sell nearly 14,816 BTC, amounting to a handsome sum of $850 million.

Short-term #Bitcoin holders seized the recent price jump to offload approximately 14,816 $BTC, valued at nearly $850 million! pic.twitter.com/hiy37Gxz6X

— Ali (@ali_charts) September 10, 2024

Analyst Ali Martinez confirms: “Short-term holders of #Bitcoin have taken advantage of the recent price increase to sell approximately 14,816 $BTC.“

But beware, this maneuver by small holders wasn’t just a flash in the pan. Several sales peaks were observed, notably on September 9 and 10, where over 4,000 BTC changed hands. It was at this precise moment that Bitcoin crossed critical thresholds, increasing traders’ appetite for quick trading.

• September 8: 2,000 BTC sold;
• September 9: over 4,000 BTC sold;
• September 10: explosion to 14,000 BTC.

Crypto Under Tension: Are Large Wallets Fleeing?

Behind this euphoria of quick sale, things are not so simple for large wallets. For a month, there’s been a significant decrease in addresses holding between $10,000 and $100,000 in Bitcoin (-3.39%), while those holding between $1 million and $10 million also dropped by 2.83%.

A sign that institutional investors might be quietly taking their profits? Maybe. And that’s not all. Despite Bitcoin’s rise, some traders seem skeptical, even anticipating an imminent drop.

Major crypto exchanges like Binance and BitMEX are seeing more and more short positions appear, indicating that not everyone is convinced by this rise. The sentiment of “FUD” (fear, uncertainty, and doubt) prevails, but ironically, this might push prices even higher!

In mid-August, short-term investors were already under pressure, seeing Bitcoin lose nearly 33% of its value.