Over the weekend, a major seller entered the market, distributing 80,000 BTC through Galaxy Digital. According to Glassnode, despite this being the largest supply-side pressure event in Bitcoin's history, the price quickly stabilized just below its all-time high. Analysts are observing not only the resilience of the network but also growing potential for a new price movement - either upward or downward.
Massive Unloading and Quick Recovery
An early investor sold around $9.6 billion worth of bitcoin via over-the-counter (OTC) transactions, triggering a brief price drop to $115,000. Shortly afterward, the market recovered part of the loss, climbing back to $119,000. According to the new Glassnode report, this marks the largest single liquidation in the network's history, yet the market's liquidity absorbed it efficiently, even during low weekend trading volumes.
Profit Taken, Market Holds Strong
The Net Realized Profit/Loss metric reached an all-time high of $3.7 billion. The ratio of realized profit to loss increased to 571, a level seen in only 1,5% of trading days. Analysts note that historically, such peaks do not necessarily signal an immediate reversal. In previous cycles, the market has continued to rise another 10–15% even after hitting extreme profit readings.
The report also records a new record profit figure for long-term holders: $2.5 billion in realized gains. This surpasses the previous peak of $1.6 billion. Despite this, 53% of the network’s capital remains held by long-term investors, suggesting further selling capacity remains if the price continues to climb.
Also Read: Long-Term Holders Keep Accumulating BTC Even at All-Time Highs
Key Support Zone
Most new investors entered the market around $117,000–$122,000, which represents the primary cost basis level. Below this is a zone of low activity between $115,000 and $110,000, which could act as a magnet if the price corrects. At the same time, the current price (~$117,000) remains above the average entry level of short-term holders ($105.4 thousand), preserving a positive trend structure.
Next Critical Zone
According to experts, if Bitcoin manages to break through the $125,000 range, the next resistance zone will be at $141,000. This level aligns with +2σ above the base cost for short-term holders and represents a potential area for widespread profit-taking.
Overall Sentiment Optimism Without Overheating
Sub-cohort analysis shows that the majority of short-term holders remain in profit. The composite index stays above average and is moving toward the upper deviation band. This confirms sustained positive sentiment and continued market momentum.
In summary, despite the largest sell-off in network history, the market structure remains intact. The price is still within the $105,000–$125,000 range, and the next move will depend on buyers’ ability to absorb upcoming waves of profit-taking at the next resistance level.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
