Bitcoin (BTC) Investors have demolished their coins in recent weeks, even when market -wide profitability has risen to levels that generally cause distribution, according to a July 1 report From Glassnode.
Bitcoin fell from $ 106,000 to $ 99,000 during the Israel-Iran-Flare-Up last week, but buyers defended the costs in the short term holder costs at $ 98,300 and pushed the market back to $ 107,000 after a cease-fire was announced.
The report referred to the bounce as a “constructive signal” because it took place at a level that separates historical bullish from Bearish regimes. The episode left market capitalization at nearly $ 2.13 trillion and the realized cap at $ 958 billion, which resulted in around $ 1.2 trillion on non -realized profit in the network.
Profitability peak, but fade realized profit
The market value and realized value (MVRV) ratio indicates that the average currency now has a paper reinforcement of 125%, which is well above neutral but under the Mars lecture of 180%.
Despite the incentive, the realized profit was on average only $ 872 million a day, far below $ 2.8 billion and $ 3.2 billion peaks registered when Bitcoin first reached $ 73,000 in March 2024 and $ 107,000 in December 2024.
The report noted that both long and short -term holders were returned to expenditures after a short increase in the last of all time, so that the sales risk transfer to the territory was sent with a low activity.
Coins Slumeren for at least 155 days rose to a record high of 14.7 million BTC, which confirmed that the maturation maturing was heavier than distribution.
The “liveliness” meter of Glassnode, which compares coin creation with destruction, continued to decrease. The report noted that this pattern strengthens the view that keeping the dominant strategy remains.
Moreover, the analysis emphasized that portfolios that bought above $ 100,000 during the January breakout still retained most of those coins, which underlines the resilient sentiment below the surface.
Liquidity is neutral to positive
The stablecoin food ratio Oscillts near the basic line, indicating that the purchase capacity in Dollar-Peggen tokens roughly matches the available Bitcoin food.
Exchange-Kopping Data shows a rotation of Stablecoin capital in important assets in the past month, and the net inflow to the American location Bitcoin ETFs climbed to a seven-day average of $ 298 million.
The report stated that these flows indicate “growing institutional involvement on scale”, as a supplement to the restraint of existing holders to renounce their coins.
Glassnode concluded that a new price extension may be needed to attract meaningful sale, because the current levels do not make enough profit to absorb a new question.
