Bitcoin Profit-Taking Plummets Amidst Record Highs: New Traders Driving the Market

Despite Bitcoin hitting a new all-time high, profit-taking by investors has drastically decreased. Glassnode data reveals that only $1 billion in Bitcoin sales for profit were recorded this May, significantly lower than December’s $2.10B. This indicates a shift towards short-term trading with new entrants driving the market, while long-term holders are becoming less active. While Bitcoin’s price soared, investors may be turning their attention to altcoins in search of potentially higher returns.