Bitcoin’s $1.2 Trillion Unrealized Gains: Why the Market Isn’t Selling (Yet)

Bitcoin's paper profits hit staggering new heights—but the bulls aren't budging.

Here's why $1.2 trillion in unrealized gains hasn't triggered a sell-off... and when that might change.

The hodl mentality is strong with this one.

(Wall Street analysts, meanwhile, are still trying to short it with leveraged ETFs—good luck with that.)

In brief

• Despite $1.2 trillion in unrealized profits, bitcoin holders refuse to sell.
• Long-term holders curb the rise by liquidating since the arrival of BTC ETFs.

Bitcoin crosses the billions without triggering profit-taking

The threshold ofnow fuels all speculation. According to Glassnode, the majority of BTC holders refuse to sell even after a significant price increase towards $106,000. This situation creates strong latent pressure, without triggering massive sales.

The on-chain analysis platform specifies that the market findsThis represents the average purchase cost of short-term holders. They also show a clear drop in selling activity since the peaks reached in May.

The technical environment confirms this blockage. Admittedly, June ended with a historic monthly close above $107,000. Having said that, theremains below its record of May 22 at $111,970. This paradox further fuels a tense climate where the price rises, but the available supply does not keep pace.

Long-term holders slow bitcoin’s surge

The behavior of long-term investors weighs on the current dynamics. According to some crypto analysts, these actors have begun liquidating their positions since the launch of bitcoin ETFs. They are dumping their tokens on Wall Street, which explains why.

That’s not all! This movement is accompanied by massive HODLing by newer investors, who prefer to keep their tokens despite the rise.

On-chain data confirms this preference: sales remain low even in historically attractive price zones. The bullish market therefore seems suspended, awaiting a recovery in demand or exhaustion of historical sellers.

Thethus becomes a front line where forces balance. Analysts expect a new catalyst to unlock the situation.

One thing is certain: as long as signals remain ambiguous, bitcoin continues to dance on a tightrope between accumulation and exhaustion. The next move could therefore redefine the entire crypto landscape!

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