Bitcoin Price Slips Over 5% After Hitting New All-Time High

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The Bitcoin price rally cooled off in the last 24 hours, with the price dropping more than 5% after reaching a new all-time high of $123,231. This pullback comes as many investors decided to lock in profits at record levels that pushed to $116,700, when writing. 

While the market still appears structurally bullish, recent data and insights suggest a short-term consolidation might be underway before continuing another leg up.

Profit-Taking Drives Market Pullback In Bitcoin Price Chart

According to on-chain data from Glassnode, the correction strongly aligns with a significant spike in the realized profits. 

In total, investors realized over $3.5 billion in profits. Notably, long-term holders (LTHs) accounted for $1.96 billion, while short-term holders (STHs) contributed $1.54 billion.

This level of profit realization by LTHs suggests a maturity in market participation instead of a newbie move. These kinds of investors are identified as those individuals or institutions who typically accumulate during bear phases and selectively offload during high volatility or market peaks. 

The current wave of profit booking shows that many LTHs saw the $123K milestone as a strategic exit point for partial gains.

Over the past 24 hours, #Bitcoin investors realized $3.5B in profits.