On-chain analytics firm Glassnode has revealed the Tron (TRX) cohort that has been responsible for the latest profit-taking event on the network.
The “Realized Profit” here naturally refers to an on-chain indicator that measures the total amount of gain that TRX investors are realizing through their transactions.
It works by going through the transfer history of each coin being sold to check what price it was moved at prior to this. If this previous value was less than the latest spot price for any token, then that particular token’s sale is leading to a profit realization equal to the difference between the two prices.
While the latest spike in the Realized Profit is massive, it hasn’t come in isolation. As the below chart shows, the metric’s value has been elevated for Tron in the past few days.
Since Saturday, the network has been seeing nearly $1 billion in profit-taking every day. “This marks the most sustained wave of realized profit for TRON in months,” notes the analytics firm.
Now, the main question is, who are the investors responsible for this profit realization wave? The below chart answers the question, breaking down the Realized Profit for the various holder groups.
It would appear that the 3y-5y band, corresponding to addresses holding since at least three years and at most five years ago, have made up for the majority of the recent Realized Profit spike.
“This suggests participants from the 2020–2021 cycle are exiting into strength – a notable shift in behavior that could influence short-term market dynamics,” says Glassnode.
While most of the cryptocurrency sector has taken a hit during the past week, Tron is relatively unscathed as its price is still trading around $0.33.
