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Bitcoin loses $24k – as 15k coins go back onto exchanges, profits get realized

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Quick Take

  • Bitcoin broke below $24,000 on Feb. 17, as coins returned to exchanges while short-term holders realized large amounts of profit.
  • Over 15,000 BTC went back onto exchanges from a range of cohorts — from small to big players.
  • Year-to-date (YTD), only 2,000 BTC have been withdrawn from exchanges.
  • Net realized profit was seen at almost $400 million, the highest amount just before the collapse of FTX back in November 2022.
Balance on exchange: (Source: Glassnode)
Balance on exchange: (Source: Glassnode)
Net realized profit/loss: (Source: Glassnode)
Net realized profit/loss: (Source: Glassnode)

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