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Crypto analytics platform Glassnode is saying Bitcoin (BTC) has proven its resilience after a massive stash of the flagship digital asset was sold off last weekend.
Glassnode says an unnamed investor disposed of Bitcoin worth nearly $10 billion via Galaxy Digital last weekend, demonstrating Bitcoin’s “growing liquidity profile and market depth.”
“This liquidity was put to the test over the weekend, as an early Bitcoin investor, via Galaxy Digital’s services, distributed 80,000 BTC (approximately $9.6 billion), likely through a mix of market sales and [over-the-counter] OTC transactions. The resulting sell-side pressure drove the price down to $115,000 before stabilizing at $119,000.
This episode illustrates Bitcoin’s ability to absorb large sell-side volumes, even during typically thinner weekend trading hours, reinforcing the market’s structural robustness.”
The analytics platform says that a “super-majority” of Bitcoin holders are currently sitting on significant unrealized profits, with more than 97% of the circulating supply in the black.
“This underscores how the majority of investors are sitting on substantial paper gains, and sets up an environment of potential future sell-side pressure should prices continue to rise further.”
Source: Glassnode
According to Glassnode, profit-taking could “sharply intensify” if Bitcoin goes up by around 20% from the current level.
“…Bitcoin may remain range-bound between $105,000 and $125,000 until a decisive breakout occurs. Should the market break convincingly higher, the $141,000 region is likely to present the next major zone of resistance where sell-side pressure may intensify rapidly…”
Bitcoin is trading at $117,651 at time of writing.
