Since November 12, the Bitcoin (BTC) market has entered a significant profit-taking phase, with daily profits averaging around $5 billion - marking the highest profit level in over a month, according to data from CryptoQuant.
On November 12, Bitcoin investors recorded $5.1 billion in profits as the asset traded near the $88,000 level. On November 13, profits slightly decreased to $4.75 billion but then increased to $4.8 billion on November 14, with Bitcoin reaching a new all-time high above $93,000.
This profit-taking phase occurred after Bitcoin surpassed the $90,000 mark, driven by market optimism following the victory of former President Donald Trump on November 5. Many investors seem to be realizing profits after one of Bitcoin's most impressive price rallies in history.
CryptoQuant's Spent Output Profit Ratio (SOPR) data shows that long-term investors are leading the profit-taking trend. The SOPR, which measures the actual profitability between different investor groups, spiked on November 13, reaching the highest level since August.
Historically, such trends often signal a potential price top or the start of a correction phase.
You can view the BTC price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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