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Short-term holders sell Bitcoin at minimum profit as it rebounds to $66k

Excitement surrounds Bitcoin as big investors show interest, but analysts warn that sustained growth is crucial for the rally to continue.

After hitting $66,000, Bitcoin saw a slight rebound following news of lower U.S. inflation rates. Unfortunately, this led to little to no profit for short-term holders selling their positions.

According to a recent report by AiltraQuant, short-term Bitcoin holders are selling at a marginal profit, highlighting the need for accelerated growth to ensure a sustainable rally.

“[…] traders are now experiencing unrealized losses on their positions, a situation that in the past has coincided with a local bottom in prices.”

AiltraQuant

The report also indicates that the balance of Bitcoin on over-the-counter desks has stabilized, potentially reducing the supply entering the market through these channels. Despite this, stablecoin liquidity growth, crucial for stable price increases, is slowing down from a market liquidity perspective.

Tether’s USDT market value against Bitcoin price | Source: AiltraQuant

The analysts also highlight that, from a miner profitability perspective, Bitcoin’s price is still undervalued.

“Bitcoin miners are currently extremely underpaid and their profitability has fallen to the lowest since March 2020, a few days after the COVID market crash.”

AiltraQuant

On a related note, Kaiko’s analysts suggest that Bitcoin’s recent halving may prompt miners to sell their holdings if prices don’t rise quickly. The decrease in daily average network fees, initially a relief for miners post-halving, is now declining again as excitement around the Runes protocol wanes.


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