Every BTC holder is taking profits—will the peak at $108,000 be a breakout trigger or a bull trap?

  • All UTXO age groups of Bitcoin are now in a profit state, indicating enhanced confidence across the entire chain and overall strength.

  • The stock-to-flow ratio and NVM ratio have sharply risen, aligning scarcity and utility with the current price surge of BTC.

Bitcoin [BTC] has entered a rare on-chain phase where all UTXO age groups are in an unrealized profit state.

This shift confirms that every group of holders, including those holding for 3 to 6 months, now holds profitable positions.

Reports indicate that this shift occurred after Bitcoin broke through $98,138. This milestone reflects enhanced investor confidence and market strength. As of the time of writing, Bitcoin is trading at $102,942, up 3.32% in the last 24 hours.

Therefore, profit realization across the entire network may drive the next significant price increase.

Are whales and institutions positioning themselves in advance?

The behavior of major shareholders has changed significantly.

The net flow ratio of the 7-day exchange surged by 69%. This trend suggests that whales are either preparing to sell or are re-establishing positions near key resistance levels.

Historically, net inflows nearing the peak of price caps often precede significant market volatility. Therefore, an increase in inflows indicates heightened caution or expectations from investors.

Additionally, the increase in trading volume is quite significant. Transactions between $10,000 and $100,000 grew by 25.85%, while those between $1,000,000 and $10,000,000 increased by 26.18%. Such broad growth indicates rising confidence and liquidity across the market.

Consequently, both retail and institutional participants have become more active. This synchronized activity usually reinforces market structure and supports sustained market uptrends.

Will the growing network activity reinforce Bitcoin's bullish trend?

On-chain activity has also seen growth.

This week, the number of active addresses rose by 8.79%, while the number of new addresses increased by 8.13%, indicating new demand entering the market.

Historically, the increase in the number of addresses often aligns with the early stages of strong bull market cycles. Additionally, the influx of new users has increased organic demand and reduced reliance on speculative momentum.

Valuation metrics are now consistent with bullish momentum.

The stock-to-flow ratio of Bitcoin has surged by 75% after the halving, indicating an increase in scarcity, while supply shocks are beginning to manifest.

Meanwhile, the NVM ratio increased by 19.01%, indicating that price growth is supported by an expansion in network utility.

Thus, both scarcity and utilization now support higher valuations. These metrics typically align during strong bullish phases.

Is BTC on the verge of breaking through the cup-and-handle pattern?

Bitcoin has formed a clear cup-and-handle pattern.

Its neckline resistance is around $108,000. Therefore, breaking this level could trigger a price surge to $120,000.

The current rebound has structural, volume, and on-chain support. Moreover, historically, breaking this pattern often leads to rapid price increases.

Traders often closely monitor these levels. If buyers maintain control, Bitcoin may enter a new price discovery phase. The next few days are crucial for confirming this bullish pattern.

Ultimately, BTC now possesses chain-wide profitability, interest from whale investors, and a strong technical structure. Thus, momentum clearly favors the bulls.

However, $108,000 remains a key resistance level. If buyers firmly break through this area, Bitcoin could reach an all-time high.

Supported by network utilization and scarcity, the foundation of this rebound seems stronger than ever. This makes the current trend not just an attempt to break through but a potential launch pad.