Crypto Analytics Platform Glassnode Reports Bitcoin’s Resilience After Massive Sell-Off
The latest data from crypto analytics platform Glassnode indicates that Bitcoin (BTC) has demonstrated its resilience following a significant sell-off of the digital asset over the weekend. An unnamed investor reportedly sold off nearly $10 billion worth of Bitcoin through Galaxy Digital, showcasing Bitcoin’s growing liquidity profile and market depth.
Bitcoin’s Liquidity Tested
The sell-off involved 80,000 BTC, equivalent to approximately $9.6 billion, which exerted significant sell-side pressure on the market. Despite this, Bitcoin’s price dropped to $115,000 before stabilizing at $119,000, highlighting the cryptocurrency’s ability to absorb large volumes even during weekend trading hours.
According to Glassnode, this event underscores Bitcoin’s structural robustness and market resilience in the face of substantial sell-side pressure.
Majority of Bitcoin Holders in Profit
The analytics platform also revealed that a “super-majority” of Bitcoin holders are currently holding unrealized profits, with over 97% of the circulating supply in a profitable position. This suggests that a significant portion of investors may choose to take profits if prices continue to rise.
Potential for Profit-Taking
Glassnode warned that profit-taking could escalate significantly if Bitcoin experiences a 20% increase from its current level. The platform suggested that Bitcoin may trade within a range of $105,000 to $125,000 until a decisive breakout occurs, with the $141,000 region posing a major zone of resistance.
As of the time of writing, Bitcoin is trading at $117,651.
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