Key Points
- Long-Term Holders have distributed over 507,000 BTC during the recent rally, with daily realized profits reaching a new all-time high of $2.02 billion, signaling significant profit-taking at current price levels.
- The majority of selling pressure is coming from investors who acquired Bitcoin between 6 months to 1 year ago, while more tenured holders appear to be waiting for higher prices before selling.
Historic Rally Drives Unprecedented Profit Realization
Bitcoin’s meteoric rise toward the psychological $100,000 milestone has triggered a wave of profit-taking among long-term investors. Data from Glassnode reveals that holders are realizing profits at record levels, with daily realized profits hitting an unprecedented $2.02 billion. This surpasses the previous high set in March 2024, demonstrating the scale of the current market movement.
Recent Buyers Lead the Selling Wave
Analysis of selling patterns shows that investors who acquired Bitcoin between 6 months and 1 year ago are leading the distribution phase, accounting for 35.3% of total realized profits. This cohort has locked in approximately $12.6 billion in profits since the start of November 2024, suggesting many traders who entered positions after the ETF launch are now taking profits on their successful trades.
Market Structure Reveals Potential Vulnerabilities
The rapid price appreciation has left a notable gap in trading activity between $76,000 and $88,000, creating what analysts call an “air gap” in the market structure. This unusual pattern suggests that if a correction occurs, these price levels could become significant zones of interest for traders and investors. The market’s ability to establish new equilibrium points during this discovery phase will be crucial for sustaining the upward momentum toward and beyond the $100,000 mark.
