Bitcoin Breaks Record High, Signaling Profit-Taking and Shift in Institutional Strategy

Bitcoin has reached a new all-time high, exceeding $4,500. This surge in price, as evidenced by the Entity-Adjusted Spent Output Profit Ratio (SOPR) data which shows investors achieving an average profit of +16% per coin, is fueling profit-taking activity among traders. This trend is further corroborated by BlackRock’s recent transfer of $429 million worth of Bitcoin to Coinbase Prime, suggesting a shift in institutional investment strategy. Glassnode reports that less than 8% of all trading days have been more profitable for investors, indicating a significant move towards profit-taking.