Bitcoin's recent price rally has led to profit-booking by short-term holders, even as institutional investors continue to invest in Bitcoin (BTC) products.
Over the past ten weeks, investors have invested more than $1.44 billion into Bitcoin investment products, expecting further price appreciation.
The potential approval of a spot Bitcoin exchange-traded fund (ETF) has also fuelled investor enthusiasm, with Robby Yung, CEO of Animoca Brands, suggesting that Bitcoin ETFs could bring in "$10 to $12 billion".
Despite long-term holders accumulating Bitcoin, short-term holders have been selling off their holdings, with $5 billion worth of Bitcoin being sent to exchanges in the first four days of December.