Bitcoin [BTC] records highest profit-take ratio since 2021
Throughout the last couple of days, Bitcoin [BTC] slashed its obituary narratives by rallying over $20K. This level has been tested for the first time since the collapse of FTX. At press time, the asset was trading for $21,125.00 following a correction from $21,360. Despite this setback, Bitcoin traders were pocketing significant profit s. According to Santiment, Bitcoin is currently experiencing the highest profit- take ratio since February 2021. BTC’s counterpart, Ethereum exhibited a similar notion as its profit- take ratio was the highest since October 2021. Source Elaborating on the same, the on-chain analytics firm wrote, “Are #crypto markets seeing a top? Traders are behaving like they believe so, taking this opportunity to profit take while given the chance.” Additionally, IntoTheBlock noted that 59 percent of Bitcoin’s holders were currently making money. Only 38 percent weren’t underwater. But what drove Bitcoin to this le...