Bitcoin Dips—Why Crypto Bulls Are Still Loading Up

Bitcoin’s price takes a hit, but the long-game players aren’t flinching. Here’s the breakdown.

The Dip Doesn’t Scare Them

Volatility? Old news. Crypto veterans see this as another buying opportunity, not a retreat signal. On-chain data shows accumulation—smart money’s stacking, not selling.

Macro Tailwinds Still Favor Crypto

Fiat inflation keeps biting, and Bitcoin’s hard cap looks better by the day. Meanwhile, Wall Street’s latest ETF circus proves institutional demand isn’t fading—just getting cheaper entries.

The Cynical Take

Traditional finance still thinks it’s 2008. They’ll wake up to crypto’s inevitability right after their third bailout.

Source: Glassnode

The percentage supply in profit has risen over the past month as BTC recovered from $80k. However, it was only at 87% at press time, nowhere NEAR the 95% value that tends to mark medium-to-long-term tops.

Therefore, Bitcoin was still in a bullish phase and not under immediate threat from profit-taking activity.

Other Bitcoin metrics agreed with the bullish outlook

Source: Glassnode

The Bitcoin NUPL measures the difference between relative unrealized profit and loss and was at 0.528 at press time. This outlined a bullish phase for the market. The market sentiment can be described as “belief” in a further rally, but it has not overextended yet.

Source: Glassnode

The Spent Output Profit Ratio (SOPR) has been rising recently, standing at 1.02 at press time.

Values above 1 indicate a continuation of bullish market conditions, as it indicates holders selling for profits, which happens during bullish phases.

Higher SOPR values alongside rising demand would reinforce the idea of a healthy Bitcoin market.

Source: Glassnode

The idea that profit-taking might be over came from the total supply held by short-term holders. This metric has been in a steady decline since early March.

This was a sign that many of these STH holders were transitioning to long-term holders (LTHs) after holding BTC beyond the 155-day threshold.

The downtrend in the metric outlined profit-taking activity, but over the past ten days, it did not form a new lower low. It could be another early sign, yet unconfirmed, that the corrective phase was ending.

Overall, Bitcoin showed signs of bullishness. Although this does not guarantee an immediate rally, the market was not overextended, and profit-taking activity could be slowing down.