Bitcoin ’Diamond Hands’ Defy Gravity as Unrealized Profits Surge Beyond $1 Trillion

Bitcoin hodlers are laughing all the way to the (unbanked) vault.

The HODL thesis pays off—big time

While Wall Street sweats over inflation hedges, Bitcoin's unrealized profits just smashed the $1 trillion mark. Not bad for an 'unproductive asset'—take that, Jamie Dimon.

Paper gains meet diamond conviction

No panic sells, no leverage liquidations—just OG holders watching their cold wallets outpace GDPs of small nations. Meanwhile, crypto skeptics still can't decide if it's a bubble or the future.

The ultimate stress test

Volatility? Bring it on. These hands don't fold—they're too busy stacking generational wealth while traditional finance plays catch-up. Just remember: unrealized gains won't buy yachts... until they do.

Profitability peaks, yet realized gains fade

The Market Value to Realized Value (MVRV) ratio indicates that the average coin now boasts a 125% paper gain, which is well above neutral but below the March reading of 180%. 

Despite the incentive, realized profit averaged just $872 million per day, far below the $2.8 billion and $3.2 billion spikes recorded when Bitcoin first reached $73,000 in March 2024 and $107,000 in December 2024. 

The report observed that both long- and short-term holders dialed back spending after a brief uptick NEAR the latest all-time high, sending the sell-side risk ratio toward low-activity territory.

Coins dormant for at least 155 days ROSE to an all-time high of 14.7 million BTC, confirming that maturation flows outweighed distribution. 

Glassnode’s “liveliness” gauge, which compares coin-day creation to destruction, continued to decline. The report noted that this pattern reinforces the view that holding remains the dominant strategy. 

Furthermore, the analysis highlighted that wallets that bought during January’s breakout above $100,000 still retain most of those coins, underscoring resilient sentiment under the surface.

Liquidity reads neutral to positive

The stablecoin supply ratio oscillates near its baseline, indicating that the buying power in dollar-pegged tokens roughly aligns with the available bitcoin supply. 

Exchange buying-power data show a rotation of stablecoin capital into significant assets over the past month, and net inflows to US spot Bitcoin ETFs climbed to a seven-day average of $298 million. 

The report stated that these flows indicate “growing institutional engagement at scale,” complementing the reluctance of existing holders to part with their coins.

Glassnode concluded that a fresh price expansion may be required to entice meaningful selling, as current levels fail to generate sufficient profit-taking to absorb new demand.