In May 2025, Bitcoin's price broke through the $110,000 mark, setting a new historical high, but on-chain data reveals that seasoned investors have begun to show signs of profit-taking. Despite high market sentiment, the movements of long-term holders have become a key indicator for observing future market trends.

Signs of Profit-Taking Begin to Emerge

On-chain data shows that during the period when Bitcoin's price rose from $74,000 to $110,000, the Spent Output Profit Ratio (SOPR) indicator revealed a significant increase in profit-taking behavior among investors, especially after breaking through the $100,000 mark, with dense green bars appearing. Analysts point out that this phenomenon is a normal profit-taking behavior in a bull market cycle, and has not yet reached the level of large-scale selling at historical peaks. The number of Bitcoins held for over 155 days continues to grow, indicating that most early investors still choose to hold long-term, with overall market selling pressure being manageable.

Institutions Accelerate Allocation of Crypto Assets

BlackRock's iShares Bitcoin Trust (IBIT) increased its holdings by 8,000 Bitcoins in May, bringing its total holdings to 639,000 Bitcoins, making it the world's second-largest holder of Bitcoin. MicroStrategy has increased its holdings four times this month, purchasing 4,020 Bitcoins at an average price of $106,200, with funds sourced from equity financing. Trump Media & Technology Group plans to raise $3 billion to allocate to Bitcoin and other crypto assets, further highlighting institutional strategic emphasis on digital assets.

Global Bond Market Crisis Boosts Safe-Haven Demand

The yield on the 10-year U.S. Treasury bond has risen to 4.48%, and the 30-year yield has reached a 10-year high of 5.15%, coupled with Japan's bond yield hitting a historical peak of 3.1%. Traditional safe-haven assets are under pressure, driving funds towards Bitcoin. The management scale of Bitcoin spot ETFs has surpassed $104 billion, reflecting institutional investors' recognition of its 'digital gold' attribute amid bond market volatility.

Market Divergence Emerges

Although on-chain data indicates that long-term holders have not seen large-scale exits, institutions like Matrixport suggest short-term risks: Bitcoin continues to fluctuate in the range of $106,000 to $110,000, with shrinking trading volume and a flattening funding rate indicating weakened market momentum. Analysts advise investors to take partial profits and wait for broader capital inflows to drive the next round of market movement.

Currently, Bitcoin quotes remain around $108,000. The market is undergoing a new round of value reassessment under the dual effect of institutional accumulation and macroeconomic uncertainty. Historical data shows that the current scale of profit-taking is far from reaching the cycle peak. If capital continues to flow in, Bitcoin still has upward potential.

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