Since Bitcoin broke past its March high of $73,679, Bitcoiners have pulled $20.4 billion in realized profits, but Glassnode says “further gains” may lie ahead.
Bitcoin has surged over 40% since Oct. 13, and traders remain confident in its upside potential, pointing out that profit-taking is only about half as intense as during previous all-time high cycles.
“While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion,” crypto analysis firm Glassnode said in a Nov. 12 market report.
“We’ve observed $20.4 billion in realized profits since entering this latest ATH discovery phase,” the report added.
