Bitcoin Profit-Taking nears $74K peak as Speculators Transfer $500M to Binance

Bitcoin speculators are seizing the opportunity to lock in gains as BTC’s price climbs to its highest in three months.

According to data from the onchain analytics firm Glassnode, Bitcoin short-term holders (STHs) have begun capitalizing on the recent price surge, with BTC surpassing $65,000.

STHs, defined as investors holding Bitcoin for 155 days or less, are currently taking advantage of the price spike to secure profits.

On October 14, Glassnode recorded a significant movement of BTC from STH wallets to Binance. The volume transferred—7,127 BTC, or roughly $480 million—marked the largest influx since March, when BTC/USD reached its all-time high of $73,800.

Across all major exchanges tracked by Glassnode, the inflows over the past week have been among the most substantial since early June.

Glassnode highlighted the favorable financial situation for STHs, noting their strong profit margins after months of stagnant price action.

“Short-Term Holders currently show a profit dominance with their Profit/Loss Ratio trading at 1.2,” Glassnode commented in a post on X, formerly Twitter.

“This metric has recently broken 1 standard deviation above its 90-day mean, signaling a potential positive shift in investor sentiment.”

BTC price research anticipates “heightened volatility”

Despite Bitcoin’s recent gains, investor sentiment remains volatile, with minor price fluctuations leading to notable changes in market dynamics.

Meanwhile, Bitcoin whales—those holding large quantities of BTC—have collectively accumulated 1.5 million BTC over the past few months.

Glassnode further explained that, although demand for Bitcoin has decreased since the highs in March, the available supply has also contracted.

“A notable divergence between supply and demand forces continues to grow,” Glassnode noted in its weekly report, “The Week Onchain,” published on October 15.

“The demand side of the market has declined markedly since the March ATH, while several measures of the ‘active supply’ continue to compress and constrict. Historically, such a tight supply situation has often preceded periods of heightened volatility.”

Charts included in the report also showed that STHs currently face minimal unrealized losses, providing further context for their profit-taking strategies.

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