Bitcoin Rally Pauses as Profit-Taking Reaches One-Year High
Bitcoin paused its rally on Tuesday after surging 6.7% the previous day to reach $87,395, its highest level since January. The price took a breather, trading below $85,500 at the time of writing.
A sharp rise in Bitcoin's Network Realized Profit/Loss (NPL) metric to a one-year high indicates increased profit-taking following the Crypto King's latest price surge. This could add near-term pressure on the market.
Despite this, institutional demand for BTC remains strong. Spot Bitcoin Exchange Traded Funds (ETFs) recorded nearly $1 billion in inflows on Monday, marking the third consecutive day of inflows since last week.
Michael Saylor's firm, Strategy, acquired 950 BTC, bringing total holdings to 846,000 BTC. This move suggests the company may be returning to its familiar approach of aggressively accumulating BTC after strengthening its liquidity position in the summer.