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16 October, 2024

Bitcoin Profit-Taking Surge: Are Whales Dumping or Just Rebalancing?

16 October, 2024

The Bitcoin market witnessed a significant wave of profit-taking as short-term holders rushed to cash out their gains. This surge in selling pressure has led to a notable increase in Bitcoin deposits on exchanges, particularly Binance, raising questions about the future direction of the market. While some analysts attribute this movement to speculative trading and the pursuit of quick profits, others believe it could be a sign of rebalancing within the market as long-term holders consolidate their positions.