tl;dr
Glassnode reports that Bitcoin showed strong resilience after an investor sold nearly $10 billion worth (80,000 BTC) via Galaxy Digital through market and OTC sales. Despite this large sell-off, Bitcoin's price briefly dropped to $115,000 before stabilizing around $119,000, indicating strong liquidi...
Crypto analytics platform Glassnode reports that Bitcoin (BTC) demonstrated remarkable resilience after an unnamed investor sold nearly $10 billion worth of the digital asset via Galaxy Digital last weekend. This massive transaction, involving 80,000 BTC, was conducted through a combination of market sales and over-the-counter (OTC) deals.
Despite the significant sell-off, Bitcoin's price only briefly dipped to $115,000 before stabilizing around $119,000, showcasing the cryptocurrency's growing liquidity and market depth. Glassnode highlights this event as evidence of Bitcoin's ability to absorb large sell-side volumes even during typically low weekend trading activity, reinforcing the market’s structural strength.
Moreover, Glassnode reveals that a super-majority of Bitcoin holders—over 97% of the circulating supply—are currently sitting on substantial unrealized profits. This situation indicates that most investors hold significant paper gains, which could translate into future sell-side pressure if prices continue to rise.
The analytics platform cautions that profit-taking may sharply intensify if Bitcoin's price increases by approximately 20% from its current level. Presently, Bitcoin appears range-bound between $105,000 and $125,000, with the next major resistance zone projected near $141,000. This level may trigger heightened sell-side activity if broken decisively.