New data from the market intelligence firm Glassnode reveals that ancient Bitcoin (BTC) is awakening, suggesting that sell-side pressure may rock the crypto king.
In a new thread on the social media platform X, the crypto analytics platform notes that tens of thousands of tokens have sprung to life during the month of July, meaning that early investors could be looking to take profits.
“[Thursday] saw another wave of ancient coins move on-chain, with 3,900 BTC aged over 10 years becoming active. This follows the 80,000 BTC that moved on July 4, 2025. Such activity from long-dormant supply often reflects internal reallocation, custodial shifts, or in some cases sell-side pressure.”
According to Glassnode, the top crypto asset by market cap could still form a “bottom formation zone” if it fails to hold support.
“The sharp rally from $110,000 to $117,000 created an on-chain air gap or a low-density accumulation zone. Since the $122,000 ATH (all-time high), price has held above it. If support fails, history shows such gaps can still evolve into bottom formation zones.”
In its weekly on-chain analytics report, Glassnode details how BTC reaching a $1 trillion realized market cap is a monumental step for the flagship cryptocurrency.
“Recent capital inflow has pushed Bitcoin’s realized cap above the $1 trillion mark for the first time. This is truly a monumental milestone for Bitcoin, highlighting its deep liquidity profile, and growing relevance on the macro stage. The larger Bitcoin becomes, the more capital can be stored within it, and the larger size can be settled via transactions.”
Bitcoin’s realized market cap calculates the value of each coin at the price it was last transacted (on-chain), rather than the current market price. The metric aims to represent the “true” capital inflow into the BTC network.
Bitcoin is trading for $116,671 at time of writing, a 2.1% decrease during the last 24 hours.
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