{"id":31265,"date":"2025-06-11T08:31:56","date_gmt":"2025-06-11T08:31:56","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=31265"},"modified":"2025-06-11T08:31:56","modified_gmt":"2025-06-11T08:31:56","slug":"btc-ath-within-reach-glassnode-maps-support-warns-of-underpriced-volatility","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=31265","title":{"rendered":"BTC ATH Within Reach: Glassnode Maps Support, Warns of Underpriced Volatility"},"content":{"rendered":"
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Bitcoin (BTC) is once again knocking on the door of its all-time high (ATH), trading around $109,500 early Wednesday, a mere 2% shy of its $111,800 peak set nearly three weeks ago.<\/p>\n

Yet beneath the surface of this upward momentum lies a market defined by compressed volatility, long-term holder profit-taking, and a growing divergence between futures and on-chain sentiment.<\/p>\n

Long-Term Holders Cash In, But Supply Stays Sticky<\/h2>\n

Glassnode\u2019s latest Week On-Chain report<\/a> outlines how BTC recovered from a local low of $100,400, where demand re-emerged after a brief but sharp 9% drawdown.<\/p>\n

According to the analytics platform, this dip rattled investor confidence, with the Fear and Greed Index momentarily entering \u201cFear\u201d territory. However, the lack of mass panic selling, with only $200 million in on-chain losses realized, showed that capitulation was limited to the newest and most speculative market entrants.<\/p>\n

Despite the resilience, Glassnode warned of increased profit-taking<\/a> activity among long-term holders (LTHs). The cohort locked in a peak of $930 million per day in realized profits, a level historically associated with overheated markets.<\/p>\n

Interestingly, this cycle seems to be defying tradition: despite the profit-taking, the proportion of Bitcoin wealth held by LTHs has increased. The report attributed this \u201cunique market dynamic\u201d to intense \u201cmaturation and accumulation pressures\u201d overwhelming selling.<\/p>\n

A key driver appears to be the spot Bitcoin ETFs and institutional participation, effectively locking up supply in long-term custody and making LTH wealth \u201csignificantly stickier.\u201d<\/p>\n

Indeed, on Monday alone, six out of eleven U.S. spot Bitcoin ETFs posted $386.2 million in inflows. These signals are also mirrored by recent data from CryptoQuant, which confirmed that U.S. buyers are reasserting dominance<\/a>, with the Coinbase Premium index hitting a three-month high and the 90-day Cumulative Volume Delta (CVD) flipping green for the first time in four months.<\/p>\n

Critical Levels for the Path Ahead<\/h2>\n

Looking at the markets, at the time of this writing, BTC had posted an almost negligible uptick of 0.1% in the last 24 hours. Over the past seven days, the gains stand at 3.8%, with the asset up 5.3% for the month. Meanwhile, daily trading volume sits at $34 billion, with a circulating supply nearing 19.9 million BTC.<\/p>\n

With Bitcoin perched just below its ATH, the Glassnode report made clear the following technical and on-chain levels:<\/p>\n