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Glassnode Flags Warning as Nearly All Bitcoin Turns Profitable

Key Takeaways

  • ​97% of Bitcoin supply is in profit, a sign of market strength but also a common stage before slowdowns or short-term corrections;
  • Glassnode sees no panic selling, which suggests stable market behavior during this rally;
  • Support levels near $117,000 could attract buyers if prices dip, as many holders bought Bitcoin around that range.

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Glassnode Flags Warning as Nearly All Bitcoin Turns Profitable

Glassnode, a blockchain data firm, has reported that nearly all circulating Bitcoin BTC $121,210.52 is currently held at a profit.

While this marks a positive milestone, the firm also notes a few factors that could bring short-term risk.

According to the latest analysis, about 97% of Bitcoin’s total supply is worth more than when it was acquired. This level of profitability often appears near the later stages of price surges, where momentum can slow as some holders begin to sell and secure gains.

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However, rather than abrupt selling, Glassnode sees signs of steady and controlled profit-taking, which points to a more stable market environment.

Their data suggests that many investors are rebalancing their portfolios gradually, instead of reacting with sudden exits. This behavior typically aligns with strong market cycles, where demand remains healthy and supports prices even as some participants take profits.

One of the tools Glassnode used, a cost basis heatmap, shows mild support in the $120,000 to $121,000 range, and stronger interest around $117,000, where a large volume of Bitcoin, about 190,000 BTC, was last transacted.

If Bitcoin’s price falls back to these levels, it may attract renewed buying, especially from investors aiming to protect their recent gains.

On October 8, Pantera Capital’s Cosmo Jiang shared his thoughts on how investors have yet to engage with Bitcoin following its recent price records. What did he say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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