Weakened Profit-Taking on Bitcoin as Price Surges

Bitcoin's price has surged to $84,358, up 1.6% from previous levels. According to analyst Axel Adler Jr, despite the higher price, on-chain data suggests that profit-taking has weakened compared to August.

In mid-August, Bitcoin traded at $78.6K with a total of $9.1 billion in realized profits and $2.6 billion in losses. By September 24, these figures had changed to $7.3 billion in profits and $1.5 billion in losses, indicating a decrease in profit-taking.

Adler noted that short-term holder profitability, measured via STH SOPR, has remained above 1 since August 20. This suggests that holders are still selling at a profit on average, but the margin has narrowed from 2.8% in late August to just 1% by September 28.