Bitcoin just dropped under $117K — and here’s why it matters.
According to on-chain data, we just saw one of the biggest profit-taking events of the year. Around $3.5 billion in realized profits hit the chain in the past 24 hours alone. That’s not small money.
🔍 Who’s Selling?
Long-Term Holders (LTHs): $1.96B in realized gains
Short-Term Holders (STHs): $1.54B in realized gains
That means even the most diamond-handed holders gave in during this spike. Can’t really blame them — Bitcoin just tapped a new ATH above $123K before the pullback.
📉 Why This Matters: LTHs rarely sell unless it’s worth it — so them realizing profits now says a lot. This kind of activity usually signals we’re in a cooling phase after a big run-up.
For now, BTC is holding around $116K–$117K. If this selling pressure continues, we could see more dips — but if buyers step in, it might just be a healthy reset before the next move.
I’m watching this closely. What about you?
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