Bitcoin buyers are cashing out fast after short-lived jump to $74,000

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin buyers are cashing out fast after short-lived jump to $74,000 The sharp move higher triggered heavy profit-taking from short-term holders, data shows. By Oliver Knight | Edited by Stephen Alpher Mar 6, 2026, 3:24 p.m. Make us preferred on Google Bitcoin short-term holder P&L (CryptoQuant) What to know : Short-term holders sent more than 27,000 BTC to exchanges in profit over the past 24 hours, one of the largest spikes in recent months, according to CryptoQuant analyst Darkfost. Bitcoin briefly reached $74,000 this week and is now trading below $69,000, with many recent buyers taking profits after accumulating around $68,000. Institutional demand and macro factors remain supportive, with bitcoin ETFs seeing over $700 million in weekly inflows and traders betting on progress for the U.S. Clarity Act. Bitcoin’s move to a one-month high of $74,000 this week triggered a wave of profit-taking from short-term traders, according to data from CryptoQuant. The largest cryptocurrency is trading around $69,000 after losing momentum from Wednesday's break above $70,000. CryptoQuant analyst Darkfost explains that short-term holders transferred more than 27,000 BTC ($1.8 billion) to exchanges in profit over the past 24 hours — one of the largest spikes in recent months. The only short-term investors currently in profit are those who accumulated bitcoin between one week and one month ago, with a realized price of roughly $68,000, suggesting some recent buyers are choosing to lock in gains rather than extend their positions. Short-term holders are typically the most reactive group in the market, and their selling reflects lingering caution in light of the ongoing war in Iran. CoinDesk analysis on Wednesday identified a potential bull trap as price action mirrored that in January when price broke out to $98,000 before taking a leg lower. And that leg lower occurred on Friday, accelerated by comments from U.S. president Donald Trump who demanded that Iran unconditionally surrenders - a move that also sent the price of oil soaring. Bitcoin bull trap (TradingView) Despite the profit-taking, broader factors are helping support bitcoin’s rally according to Adrian Fritz, chief investment strategist at 21Shares. Fritz said traders are increasingly betting that the Clarity Act, a U.S. digital asset market structure bill, could pass by year-end. Prediction markets currently price the probability at around 70%, though Fritz noted these markets are relatively illiquid. He also pointed to rising geopolitical tensions and strong institutional demand as key drivers. Some investors are increasingly viewing bitcoin as a “gold beta” trade, rotating into the asset after gold’s recent rally. Meanwhile, spot bitcoin ETFs have shown resilience, with holdings down only about 5% during the recent pullback and over $700 million in net inflows this week. While political developments may have helped spark the move, Fritz said the rally is being sustained by geopolitical hedging and growing institutional conviction in the asset. Bitcoin Price Bear market More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You 'No deal with Iran': Trump demands unconditional surrender, sending oil surging, bitcoin and stocks lower By James Van Straten | Edited by Stephen Alpher 50 minutes ago The outlook for the Fed grew cloudier on Friday, as the employment market weakened appreciably even as inflation could be worsening. What to know : Already higher on the day, WTI crude oil extended gains to 11% after President Donald Trump said there will be “no deal with Iran except unconditional surrender." U.S. stock index futures extended losses, with the Nasdaq lower by 1.8%. Bitcoin (BTC) also added to earlier declines, now down 5% to $68,800. 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