99% Of Bitcoin Holders Are In Profit: Is BTC Dipping Because Some Are Cashing Out?
Bitcoin (CRYPTO: BTC) is trading around $117,000 after a brief pullback from its all-time high, with on-chain and technical indicators painting a complex picture of bullish momentum tempered by looming profit-taking pressure.
What Happened: According to blockchain analytics firm Glassnode and technical research firm Fairlead Strategies, recent developments suggest Bitcoin’s uptrend remains intact, but not without warning signs.
Glassnode’s latest weekly report reveals that nearly 99% of all Bitcoin supply is now in profit, a historically rare event.
“There are few precedents where this many holders are in profit, and in past cycles, this tends to coincide with a rising tendency for profit realization,” the firm wrote.
The report also highlights a surge in short-term holder profits and unrealized gains nearing previous cycle peaks.
“When short-term holders are this deep in profit, there is an elevated risk of sell-side pressure,” Glassnode added.
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