Quick Take
In the month of June, we observed the most profit-taking from Short-Term Holders (STHs) when Bitcoin’s value touched $30,000.
This trend persisted throughout July due to the buying frenzy triggered by the FTX and SVB collapse. Currently, there is minimal profit-taking taking place from STHs.
Furthermore, in the recent month, we’ve noticed significant selling pressure from miners and other stakeholders.
Despite these dynamics, the fact that Bitcoin has maintained its $30,000 value is an extremely bullish sign, and miners are now net accumulators after a month of distribution.
Analyst
James Van Straten
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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