Bitcoin is holding steady near $118,300, showing minimal movement after recently hitting a new all-time high of $123,000.
However, short-term holders are entering overheated territory, and profit-taking is accelerating, says blockchain analytics firm Glassnode in its latest X post.
According to them, a recent spike in the Realized Profit to Loss Ratio to 39.8 signaled intense profit-taking, surpassing the typical late-stage bull market threshold.
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Although this metric has since retreated to 7.3, analysts caution that such behavior often precedes cooling phases .
Despite these overheating signals, demand for Bitcoin remains strong. Glassnode’s Accumulation Trend Score reveals that almost all wallet groups, from small “shrimp” holders to large “whale” entities, are in net accumulation mode.
Particularly active are mid-sized wallets (holding under 100 BTC), which currently absorb 19,300 BTC per month, significantly exceeding the 13,400 BTC issued monthly through mining.
This retail-led demand is effectively absorbing more than 100% of the new supply, contributing to a tightening market.
Why This Matters
With $130,000 identified as the next potential resistance level, it remains uncertain whether Bitcoin is simply consolidating or preparing for another upward move.
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People Also Ask:
Bitcoin ATH stands for Bitcoin All-Time High, which refers to the highest price Bitcoin has ever reached in its trading history.
Profit-taking refers to investors selling some of their Bitcoin holdings to realize gains, especially after price surges. It is common in late-stage bull markets.
Not necessarily. While profit-taking can lead to short-term price pressure, strong ongoing demand and accumulation by other investors can support the price.
Almost all wallet groups—from small individual holders (“shrimp”) to large institutional whales—are accumulating Bitcoin. Mid-sized wallets under 100 BTC are especially active.
When demand outpaces new supply, it tightens available circulating coins, which can help support or push prices higher.
