- The profits made reached 104K BTC – FAR below the 350K BTC threshold which signals the markets of the market.
- The BTC can consolidate nearly $ 104,000, but current trends promote a recovery of $ 110,000 if the feeling is valid.
Barely a few days ago, Bitcoin (BTC) rallied to reach a new summit of $ 112,000.
Usually, when value increases, holders and investors tend to sell and make profits. For example, when BTC reached $ 100,000 for the first time in 2024, the profit increased, the amount achieved reached $ 2.1 billion.
This time, however, behavior has changed.
Investors hold tight, even with billions of unrealized gains
Despite the recent price rally, holders and investors are not as much profits as in previous cycles. In fact, whales and retailers display less appetite for making profits.
Source: cryptocurrency
According to a cryptocurrency analyst, the profits made amounted to 104,000 BTC (~ 11 billion dollars).
Although it looks like a large quantity, the previous cycles have recorded a significantly higher amount. The current levels remain considerably far from the critical threshold of 350,000 BTC.
In fact, BTC has 246,000 additional BTC of space for the profit head made before flashing a historic red flag.
Naturally, this gap suggests that investors keep their parts instead of selling force.
Sopr’s decline confirms a change in the feeling of the BTC
Source: cryptocurrency
Supporting this thesis is the production profit report spent (SOPR).
This metric decreased for five consecutive days despite prices reaching $ 112,000.
Even when the price has reached another record level, the SOPR has abandoned, suggesting that the holders, although in profit, refuse to sell.
The fall in profit is observed among the whales and retail traders at equal measures.
According to cryptocurrency data, whales are always silent with their activity remaining in the neutral area.
During the previous rally, whale whale entries exceeded $ 1 billion. Today? Only $ 300 million.
Source: cryptocurrency
This is a significant low level because BTC experiences favorable conditions and has entered the discovery phase. Thus, the major holders occupy their positions, waiting more upwards before moving their sale.
Past volume and exchange flows strengthen the image
Although a price wave means a higher profit activity, things have changed considerably.
Investors behave this cycle differently by not selling to take advantage, indicating increased confidence. Consequently, the total volume spent by age decreased by $ 1.1 billion during this price rally compared to the last cycle.
Source: Glassnode
At the same time, Exchange Netflow remains largely negative.
Investors withdraw more BTC than deposit, a signal that accumulation prevails over distribution.
Source: cryptocurrency
What then comes for Bitcoin?
In simple terms, market participants remain optimistic and provide that prices are increasing even more. Consequently, the market conditions in force position BTC for more gains.
A continuation of these feelings will again see BTC recover $ 100,000.
However, if the tariff speech continues, which saw BTC fall to a hollow of $ 106,000, we could see another consolidation with a minimum of $ 104,000.
