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Daily On-Chain Snap #46

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Current levels of relative profit-taking are healthy, as they resemble mid-bull run patterns in 2020/2017

The metric above captures the amount of relative realised profits in bitcoin.

The chart above confirms that whales have started to offload supply at an accelerating rate during the first two weeks of November. This is expected, as, historically, long-term holders tend to offload supply near all-time highs and again during periods of market strength. Zooming closer, relative profit-taking is closer to November 2020 levels, when BTC traded at $17,000.

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