Thomas Daniels
The Bitcoin market currently appears relatively balanced, even amid a modest pullback from its recent all-time high, according to a market report by on-chain analytics firm Glassnode.
Glassnode’s analysis revealed that profit-taking among short-term holders (STHs)—investors holding Bitcoin for less than 155 days—has noticeably cooled. The STH spent volume, which tracks the share of recent buyers in profit who are selling, has declined to 45%, dropping below the neutral threshold.
Approximately 70% of the short-term holder supply remains profitable, and the current distribution of profit-taking and loss realization among moving coins is nearly even. Glassnode notes this aligns with the mid-cycle dynamics of previous bull markets and is not considered unusual.
This period of relative stability follows a price decline to $112,044 over the weekend, a sharp contrast to the all-time high of $123,100 reached on July 14. At the time of the report, Bitcoin was trading around $114,766.
Meanwhile, other on-chain data points to a divergence in behavior among recent market entrants. Buyers who acquired Bitcoin near the top and are now at a loss are offloading their holdings more aggressively than those still in profit. Many of these “weaker hands” appear to be exiting around their initial entry price.
Despite the correction, analysts remain optimistic. A temporary drop into loss territory followed by a recovery would reinforce the notion that the broader bull cycle remains intact.
Looking ahead, several prominent figures in the industry continue to express confidence in Bitcoin’s trajectory. Tom Lee, co-founder of Fundstrat and chairman of BitMine, reiterated his bullish forecast, suggesting Bitcoin could reach between $200,000 and $250,000 by the end of 2025. Lee emphasized that holding above the $120,000 level is key to achieving that upside target.
