Insights

Bitcoin loses $24k – as 15k coins go back onto exchanges, profits get realized

exchange68September 13, 2024

0 1 1 minute read

Quick Take

Bitcoin broke below $24,000 on Feb. 17, as coins returned to exchanges while short-term holders realized large amounts of profit.
Over 15,000 BTC went back onto exchanges from a range of cohorts — from small to big players.
Year-to-date (YTD), only 2,000 BTC have been withdrawn from exchanges.
Net realized profit was seen at almost $400 million, the highest amount just before the collapse of FTX back in November 2022.

Balance on exchange: (Source: Glassnode)

Net realized profit/loss: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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