Glassnode reports that 70% of Bitcoin's short-term holder supply remains in profit despite the latest price retracement from recent local highs.
Spent volume from profitable short-term holders has cooled to 45%, suggesting neutral positioning and no aggressive profit-taking at this stage.
Bitcoin must break above the $116,900 resistance to confirm strength, with failure risking a decline toward the $110,000 support zone.
Bitcoin short-term holders are currently sitting on profits, according to a new report from on-chain analytics platform Glassnode. Despite recent price fluctuations, the data suggests the market remains in a neutral stance.
70% of Short-Term Holders Remain in Profit
Glassnode's latest report indicates that 70% of Bitcoin short-term holders are in profit despite the market’s recent pullback. While such a development often leads to profit-taking, the current environment appears relatively stable. The analytics firm noted that short-term holders' confidence could decline further if the correction deepens and their supply moves into loss.
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To assess market behavior, Glassnode examined the percentage of spent volume from short-term holders who are in profit. This metric currently sits at 45%, which Glassnode classifies as a neutral zone. This figure suggests that profit-taking is not aggressive at this stage, maintaining a balanced outlook for the Bitcoin market.
Bitcoin ETF Outflows Add Mild Sell-Side Pressure
Glassnode also analyzed Bitcoin ETF flows, noting a recent net outflow of 1,500 BTC on August 5. This is the largest ETF-driven sell-side activity since April 2025. Although such events can weigh on price, Glassnode emphasized that most ETF outflows have been brief, limiting prolonged downward pressure.
The platform added that only a few instances of continuous daily outflows have led to extended selling activity. For this reason, tracking ETF trends remains essential in evaluating whether this outflow marks a temporary movement or a broader shift in sentiment.
Bitcoin Faces Key Resistance at $116,900
Glassnode identified $116,900 as a crucial resistance level for Bitcoin. This price reflects the cost basis of local top buyers over the past month. A decisive move above this level would suggest renewed buying strength and support the possibility of continued upside movement.
Conversely, Bitcoin’s failure to climb above this level could expose the asset to further declines. The analytics firm stated that prolonged trading below $116,900 increases the likelihood of a drop toward the $110,000 zone, where thinner market activity presents downside risk.
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