Bitcoin dropped to under $109,000 as long-term holders realized 3.4 million Bitcoin profits and ETF inflows slowed, signalling potential cycle exhaustion.
Bitcoin could be headed for a deeper correction as cumulative realized long-term holder profit taking has now reached levels seen in previous market cycle tops, according to onchain analysis.
Long-term holders realized 3.4 million Bitcoin (BTC) in profit, and exchange-traded fund inflows have slowed, according to Glassnode, a sign of “exhaustion” after the Federal Reserve cut rates last week.
Bitcoin has now fallen below key support levels at around $112,000, hitting a four-week low of $108,700 on Coinbase in late Thursday trading, according to TradingView.
