Bitcoin’s recent rally has pushed the majority of holders into profit, but on‑chain analysts warn this could set the stage for a price correction.
According to Glassnode, more than 90% of Bitcoin’s circulating supply has been in profit for over a month. This level historically signals increased profit‑taking pressure, as investors lock in gains after extended rallies.
The firm flagged 91% as a critical threshold — its +1 standard deviation level — noting that a drop below it could indicate a deeper correction as market sentiment shifts.
Bitcoin (BTC) is currently trading near $115,000, hovering below last month’s all‑time high of $123,300. While long‑term fundamentals remain bullish, analysts caution that “when nearly all holders are in profit, the temptation to sell increases.”
