Quick Take
Bitcoin’s performance in 2024 has defied many investors’ expectations, with its value currently holding steady above $58,000, marking a 32% increase year to date, primarily attributed to the overwhelming success of spot ETFs.
The digital asset saw a substantial surge from October 2023, when it was valued at approximately $25,000, to now, $58,000, bolstered by the ETFs along this journey. However, the course of Bitcoin’s rise has not been without its tribulations.
A significant 20% drawdown followed the launch of the ETFs, signifying huge losses for short-term holders during this period. Bitcoin’s resilience was shown after it marked its second-highest daily return, crossing the $57,000 threshold and presently sitting above $58,000.
However, on Feb. 27, short-term holders, defined as investors who held Bitcoin for less than 155 days, made an unprecedented move. They transferred a record $3 billion in profits to exchanges, the highest dollar amount ever sent to such platforms. This transfer is roughly equivalent to about 51,000 Bitcoin.
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