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Analysis: 80,000 BTC Sold by Ancient Whales, 97% of Circulating Supply Still Profitable
Summary: According to reports from Glassnode, analysis was released regarding the sale of 80,000 BTC by ancient whales last weekend, with the seller's trading volume reaching $9.6 billion. Despite this, the market effectively absorbed the selling pressure, causing the price to drop to $115,000, then briefly stabilize at $119,000, slightly below the all-time high. The analysis ...
According to reports from Glassnode, analysis was released regarding the sale of 80,000 BTC by ancient whales last weekend, with the seller's trading volume reaching $9.6 billion. Despite this, the market effectively absorbed the selling pressure, causing the price to drop to $115,000, then briefly stabilize at $119,000, slightly below the all-time high.
The analysis indicates that even after this large-scale distribution event, market participants still hold significant unrealized profits. Currently, unrealized gains held by participants exceed $1.4 trillion, with 97% of the circulating supply still in profit.
According to various on-chain valuation models, the Bitcoin price is still fluctuating between $105,000 and $125,000. If decisively breaking through this range, it could trigger a rise to $141,000. Considering the high expected unrealized profits at this price level, selling pressure may further increase in this area.
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Link: Analysis: 80,000 BTC Sold by Ancient Whales, 97% of Circulating Supply Still Profitable [Copy]
