Bitcoin price reached a new record of $111.800, but soon corrected to $103.200. According to Glassnode, the main wave of sales was formed by investors who held the asset for more than a year. Now the key support levels are at $103.7K. and $95.6K., and the market is in the waiting phase.
Last week, Bitcoin (BTC) hit a new all-time high of $111,800 before quickly pulling back below $104,000. According to experts, the upward momentum was primarily driven by spot market purchases. Market participants actively entered positions within the $81–85K, $93–96K, and $102–104K ranges. These same ranges may now serve as local support zones.
Active Sell-Offs by Long-Term Investors
The Cumulative Volume Delta chart shows that the rise was followed by significant profit-taking by early holders. Those who accumulated in the $25–31K and $60–73K ranges were especially active in selling, putting pressure on the market. Visually, this is reflected in a shift from accumulation to distribution zones.
Active Sales by Old Investors. Heat Map. Source: Glassnode
Glassnode highlights three critical levels where buying interest may re-emerge:
Top 5% quantile (0.95): $103.7K
15% quantile (0.85): $95.6K
25% quantile (0.75): below $95.6K
A drop below $95.6K could signal severe market stress.
Short-Term Holders and Deviation From Average Cost
The average entry price for short-term holders (holding less than 155 days) is $97.1K. Experts consider this a key level for the current price action. The range between $114.8K (positive deviation) and $83.2K (negative deviation) defines the market's expectation boundaries. Breaching these levels could indicate a shift in sentiment.
Glassnode data shows that in early June, realized profits reached $1.47 billion per day. This marks the fifth instance in the current cycle where daily profits exceeded $1 billion. Such periods often align with local tops, particularly when the market cannot absorb the selling pressure.
On a 90-day moving average normalized by market cap, data reveals that investors are realizing profits with less euphoria than in previous cycles. Between 2015–2018, profit rates reached 0,4% of market cap, while currently, they are around 0,1%. This points to structural shifts in market behavior and reduced volatility.
Most Profits Taken by Long-Term Investors
Analysts observe that the current sell-off is driven primarily by investors who have held Bitcoin for more than 12 months. On a 30-day average, they are realizing approximately $1 billion per day — three times more than short-term holders, who are realizing $0.32 billion. This indicates that long-term investors, not speculators, are the main sellers.
Excluding sales by holders with a 6–12 month horizon and focusing solely on those holding BTC for over a year, it's this group that is exerting the most pressure. These users entered the market in earlier stages and are now locking in maximum profits. According to Glassnode analysts, they are driving the bulk of the current selling wave.
What Comes Next
With ongoing selling pressure, the critical support levels remain at $103.7K and $95.6K. Resistance is located at $114.8K. The positioning of these levels will determine whether the market moves upward or enters a new phase of decline. Amid weakening momentum, these price zones are crucial for short-term market dynamics.
