- Bitcoin absorbed a $9.6B sell-off with minimal price impact, showing strong market stability.
- Long-term holders realized record profits of $2.5B, yet the price stayed near all-time highs.
- Over 97% of investors remain in profit, pointing to strong sentiment but potential future sell pressure.
Over the weekend, Bitcoin faced a major stress test as 80,000 BTC, worth roughly $9.6 billion, was moved by an early investor using Galaxy Digital. Most of these coins flowed through over-the-counter desks, limiting the immediate impact on spot markets.
Still, the price briefly dipped to $115,000 before recovering to $119,000. That dip, considering the scale of the transaction, was minor. The event proved just how deep and liquid the Bitcoin market has become, even during quiet weekend trading.
Glassnode’s latest data highlights this strength. Bitcoin’s Realized Cap, which reflects the total value of all coins at their last moved price, now stands at more than $1.02 trillion.
That number paints a clear picture of the capital locked into the network and explains why the market could handle such heavy selling without falling apart.
Also Read: Bitcoin ETF Sparks 7.7% Supply Surge as Dormant Coins Come Alive
Record $2.5B Profits Realized by Long-Term Bitcoin Holders
Ahead of the distribution, profit-taking already spiked. The Net Realized Profit/Loss metric climbed to a record $3.7 billion. Much of this came from investors shifting coins in preparation for selling. Once the BTC started moving, a flood of realized gains followed.
The Realized Profit/Loss Ratio hit an extreme high; profits now exceed losses by a multiple of 571. Historically, only 1.5% of trading days have shown this level of imbalance.
Long-term holders were a key part of this wave. They realized $2.5 billion in profits over the weekend, topping the previous record of $1.6 billion.
Despite the size of this sell-off, Bitcoin’s price held up near its peak, reinforcing the strength of current demand. Previous patterns show that while high profit-taking often comes before a peak, the actual top doesn’t always follow immediately.
Over 97% of Bitcoin Holders Still in Profit
Even after the recent wave of selling, most investors are still deep in the green. Over 97% of BTC holders remain in profit, and total unrealized gains across the market recently hit $1.4 trillion.
This shows that many are sitting on paper gains and could be tempted to sell if prices rise further. The supply held by long-term investors has dropped, but they still control 53% of the network, leaving room for more distribution.
Bitcoin’s cost-basis data reveals a cluster of support between $117K and $122K. There’s a thin volume zone between $110K and $115K, which may become important if prices pull back. Still, market momentum looks strong.
Newer holders are holding coins above their purchase price, showing confidence. For now, Bitcoin remains steady, but the market will need more buying interest to push through upcoming resistance.
Also Read: Bitcoin Shows Resilience After $9.6 Billion Sell-Off, Eyes $120K Resistance
