Bitcoin Defies $9.6 Billion Sell-Off: Realized Profits Soar to Record Highs
Bitcoin just shrugged off a $9.6 billion exodus—and traders are cashing out at unprecedented rates. Here’s why the king of crypto isn’t buckling.
Profit-Taking Frenzy Hits New Peak
Realized profits—the cold, hard gains locked in by sellers—just smashed all-time highs. Yet BTC’s price barely flinched. Either the market’s deeper than we thought, or Wall Street’s ‘smart money’ missed the memo again.
The $9.6 Billion Stress Test
When whales dump, markets usually tremble. Not this time. Bitcoin absorbed the sell-off like a crypto black hole, proving liquidity isn’t just for TradFi’s over-leveraged playgrounds.
Cynical Take:
Meanwhile, gold bugs are still waiting for their ‘safe haven’ to stop napping since 2020.
- Bitcoin absorbed a $9.6B sell-off with minimal price impact, showing strong market stability.
- Long-term holders realized record profits of $2.5B, yet the price stayed near all-time highs.
- Over 97% of investors remain in profit, pointing to strong sentiment but potential future sell pressure.
Over the weekend, Bitcoin faced a major stress test as 80,000 BTC, worth roughly $9.6 billion, was moved by an early investor using Galaxy Digital. Most of these coins flowed through over-the-counter desks, limiting the immediate impact on spot markets.
Still, the price briefly dipped to $115,000 before recovering to $119,000. That dip, considering the scale of the transaction, was minor. The event proved just how deep and liquid the bitcoin market has become, even during quiet weekend trading.
Glassnode’s latest data highlights this strength. Bitcoin’s Realized Cap, which reflects the total value of all coins at their last moved price, now stands at more than $1.02 trillion.
That number paints a clear picture of the capital locked into the network and explains why the market could handle such heavy selling without falling apart.
Record $2.5B Profits Realized by Long-Term Bitcoin Holders
Ahead of the distribution, profit-taking already spiked. The Net Realized Profit/Loss metric climbed to a record $3.7 billion. Much of this came from investors shifting coins in preparation for selling. Once the BTC started moving, a flood of realized gains followed.
The Realized Profit/Loss Ratio hit an extreme high; profits now exceed losses by a multiple of 571. Historically, only 1.5% of trading days have shown this level of imbalance.
Long-term holders were a key part of this wave. They realized $2.5 billion in profits over the weekend, topping the previous record of $1.6 billion.
Despite the size of this sell-off, Bitcoin’s price held up NEAR its peak, reinforcing the strength of current demand. Previous patterns show that while high profit-taking often comes before a peak, the actual top doesn’t always follow immediately.
Over 97% of Bitcoin Holders Still in Profit
Even after the recent wave of selling, most investors are still DEEP in the green. Over 97% of BTC holders remain in profit, and total unrealized gains across the market recently hit $1.4 trillion.
This shows that many are sitting on paper gains and could be tempted to sell if prices rise further. The supply held by long-term investors has dropped, but they still control 53% of the network, leaving room for more distribution.
Bitcoin’s cost-basis data reveals a cluster of support between $117K and $122K. There’s a thin volume zone between $110K and $115K, which may become important if prices pull back. Still, market momentum looks strong.
Newer holders are holding coins above their purchase price, showing confidence. For now, Bitcoin remains steady, but the market will need more buying interest to push through upcoming resistance.
