Glassnode shows Bitcoin's Entity-Adjusted URPD, indicating a significant spike in accumulation around late July 2025, where 120,000 BTC were bought between $112K and $114K, yet weak support suggests this could be profit-taking rather than sustained demand.
Research from Jariyapan et al. (2022) highlights that Bitcoin demand surges during bull markets due to FOMO, aligning with the current rally toward $120K, but the lack of strong demand post-accumulation could signal an impending correction, as noted in CryptoPotato’s July 2025 analysis.
Historical data from CoinGecko shows Bitcoin’s trading volume surged 21.7% in the last 24 hours to $37.15 billion, reflecting high market activity, yet the muted Short-Term Holder SOPR metric suggests investors are not realizing profits, potentially indicating caution ahead.