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.”
[adinserter block="1"]“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.”
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.
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