Bitcoin surged to a new all-time high this week, marking the third all-time high (ATH) of this cycle, sparking widespread market activity.
Glassnode data shows Bitcoin profit-taking surges at record highs
According to analysis by Glassnode researchers Cryptovizart and Ukuria OC, the breakout indicates accelerated investor participation in exchanges, derivatives, and exchange-traded funds (ETFs), though the $120,000 region could trigger heightened selling pressure.
Glassnode’s latest “Heating Up” report details how Bitcoin’s rise has pushed unrealized profits to “ecstasy phase” levels, with the relative unrealized profit indicator exceeding its +2σ band. Still, profit-taking remains below historical extremes, with the firm noting that only 14.4% of days saw higher realized profits.
Analysis by Cryptovizart and Ukuria OC highlights that current spending behavior is “dominated by profit-taking,” as coins deposited to exchanges have realized an average gain of $9,300 — 12 times the losses.
Glassnode has observed a significant uptick in exchange activity. Centralized platforms now handle 33% of Bitcoin’s on-chain volume, a significant rise in line with price discovery. Researchers link this to increased trading demand, with exchanges seeing daily inflows/outflows of $4 billion to $8 billion.
The enthusiasm is also reflected in the derivatives market, Glassnode reports. Futures open interest has surged 51% since April to $55.6 billion, while options have reached an all-time high of $46.2 billion. The report further highlights that this reflects a “sophisticated investor base” using complex strategies.
Spot ETF inflows have exceeded $300 million per day, maintaining buy-side pressure since late April. Glassnode sees this as a “meaningful tailwind” for the recent breakout of all-time highs from institutional and retail demand. Technically, Bitcoin is trading above key momentum indicators (111DMA: $91.8K; 200DMA: $94.3K; STH cost basis: $95.9K).
However, Glassnode’s MVRV ratio positions the price in the area between +0.5σ ($100.2K) and +1σ ($119.4K) — a region historically associated with overheating. The researchers warn that the $120,000 level is consistent with the STH cost base +0.5σ and could accelerate seller pressure.
Glassnode concludes that while accumulation and leverage trends indicate bullish momentum, consistent behavior around psychological resistance levels such as $120,000 calls for caution, echoing previous cycle patterns.
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