Glassnode: BTC profit-taking intensity is only half of the previous historical high, indicating that there is still pump space

Since October 13th, BTC has pumped more than 40%. However, traders still have confidence in its pumping potential and point out that the profit-taking is only about half of the previous historical high cycle. Glassnode stated in its recent market report, ‘Although the extent of profit-taking is significant, it is still below historical highs, indicating that there is further pump potential before potential demand exhaustion.’ Glassnode explained that since November 5th, when Bitcoin broke through $73,679, the ‘realized profits’ have averaged about $1.56 billion per day, almost half of the $3 billion at the last historical high in March. The report added, ‘Since entering the latest ATH discovery phase, we have observed $20.4 billion in realized profits.’ (Cointelegraph)