Bitcoin’s Price Surge Fails to Ignite Long-Term Holder Profits, NUPL Metric Shows

Despite Bitcoin's recent rally to $18,000, long-term holders' profits remain stagnant, matching levels seen when BTC was trading at $85,000. Glassnode's Net Unrealized Profit/Loss (NUPL) metric indicates a return to 0.69, the same as April 1 levels, suggesting veteran investors are exercising caution. Market observers point to accumulation patterns as a possible explanation for this anomaly.

Bitcoin HODLer Profits Stagnant Despite $18K Price Surge

Bitcoin's recent rally to $18,000 has failed to boost long-term holder profits beyond levels seen when BTC traded at $85,000, according to Glassnode's Net Unrealized Profit/Loss (NUPL) metric. The analytics firm notes the long-term holder NUPL has returned to 0.69—identical to April 1 levels—suggesting veteran investors remain cautious despite price appreciation.

Market observers attribute this anomaly to accumulation patterns during the bear market, where large holders acquired positions at lower prices. The NUPL indicator measures the difference between unrealized gains and losses across Bitcoin's supply, serving as a psychological barometer for investor sentiment.

Bitcoin Nears Mini-Golden Cross as Bullish Momentum Builds

Bitcoin is approaching a significant technical milestone that could signal further gains for the cryptocurrency. The 50-day Exponential Moving Average is poised to cross above the 100-day EMA, forming a mini-golden cross—a bullish indicator for mid-term momentum.

The asset currently trades between $103,000 and $105,000, maintaining strong support above key moving averages. Market sentiment remains bullish as Bitcoin consolidates above the psychologically important $100,000 level.

Bitcoin’s Institutional Demand Faces Liquidity Test at $100K Threshold

Bitcoin's ascent toward $100,000 hinges on a clash between institutional demand and layered liquidity barriers. Spot ETF inflows have absorbed nearly $1 billion since mid-April, creating a bullish undercurrent that’s propelled BTC’s price upward. Yet the path remains fraught—OTC sell-side liquidity is evaporating just as Leveraged traps cluster below $101,000.

The $104,900 resistance level looms as a critical inflection point. While sustained ETF investments could fuel another leg up, CoinGlass data reveals fragility: any slowdown in institutional momentum risks triggering abrupt retracements. This duality defines Bitcoin’s current calculus—a market buoyed by Wall Street’s embrace but still governed by crypto’s volatile physics.

Bitcoin Rally Stalls Below $104K Amid Derivatives Pressure

Bitcoin's upward momentum faltered after briefly surpassing $104,000, with prices stabilizing NEAR $103,663. The 10% weekly gain now faces resistance as derivatives market activity suggests growing uncertainty among traders.

CryptoQuant analyst Darkfost highlights weakening cumulative net taker volume as a key pressure point. The metric's divergence from spot price action typically precedes consolidation phases in BTC markets.

Brazilian Fintech Méliuz Becomes Latin America's First Bitcoin Treasury Corporation

Méliuz, a Brazilian fintech firm, has made history by becoming the first company in Latin America to adopt bitcoin as a treasury reserve asset. The company allocated $28.4 million to purchase 274.52 BTC at an average price of $103,604 per coin, bringing its total holdings to 320 BTC—valued at over $33 million at current prices.

Shareholders overwhelmingly approved the strategic shift during a May 15 meeting, with executive chairman Israel Salmen confirming the decision on social media platform X. The move positions Méliuz as a pioneer in corporate Bitcoin adoption, signaling a new financial strategy centered on cryptocurrency reserves.

Bitcoin Surges to $103K Amid Tepid Long-Term Holder Sentiment

Bitcoin's price rally to $103,842—a 1.74% 24-hour gain—contrasts sharply with stagnant conviction among long-term holders. The Net Unrealized Profit/Loss (NUPL) metric held flat at 0.69, mirroring April 1st levels despite BTC climbing from $85K to $102K. Market observers note this divergence reflects more than hesitation; maturation of December 2024 buyers into the long-term cohort is diluting overall unrealized profits.

The post-halving Stock-to-Flow Ratio skyrocketed 116.67% to 43.5K, intensifying Bitcoin's scarcity narrative. Yet the disconnect between price action and holder psychology underscores a market at an inflection point. 'Scarcity alone doesn't drive conviction,' remarked one analyst, pointing to the need for fresh catalysts beyond halving mechanics.