📈 Bitcoin Update: Profit‑Taking Slows, Price Stabilizing Near $115K

🚦 On‑chain signal: According to Glassnode, short‑term holders (STHs)—those holding BTC for under 155 days—have largely cooled off on profit-taking. The proportion of STH spent volume in profit recently dropped to ~45%, falling below the neutral zone. Despite that, about 70% of STH supply remains in profit—a balanced scenario typical in mid‑bull phases.

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📉 Market Context & Price Action:

• Over the past few weeks, Bitcoin slid from a peak of ~$123K (mid‑July) down into a low-liquidity zone or “air gap” between $110K and $116K, where trading activity and cost-basis volume thin out.

• Opportunistic buyers jumped in near the ~$112K level, helping the price rebound above $114K, although key resistance around $116.9K (recent buyers’ cost basis) remains intact.

• ETF flow also weighed on sentiment: a net outflow of ‑1.5K BTC in early August represented the largest ETF withdrawal since April 2025

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🧠 Interpreting the Signals:

• This pullback appears healthy, not panicked. Short-term selling pressure is moderate, not extreme.

• The market is sitting in a fairly stable zone—STH profitability mid-level, ~70% in profit, and profit-taking reduced to ~45% .

• If Bitcoin can break above ~$116.9K and reclaim that supply cluster, confidence could return and support further upside.

✅ Summary:

• Short‑term holders are slowing their profit-taking, giving BTC some breathing room.

• Between $110K–$116K, liquidity is light—this air gap is fragile but also a potential accumulation zone.

• The $116.9K cost-basis cluster is the critical level to watch.

• ETF outflows and cautious futures sentiment add to the mix—no mania, just consolidation.

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Remember, markets reflect a tug-of-war: accumulation inside the gap versus resistance at $116.9K. If BTC holds firm and reclaims that cluster, the rally could reignite.

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