Bitcoin News: Long-term Bitcoin holders signal a new price discovery phase as volatility hits a decade low. Key points: Long-term Bitcoin holders are taking profits while their overall supply ratio is increasing. BTC volatility has dropped to 10 percent - the lowest in over a decade. Glassnode highlights a "unique bipolarity" in market behavior during this cycle. Bitcoin price consolidates near $108,700, just below its all-time high of $111,800. The Bitcoin market is entering a rare phase where long-term holders are taking profits - but the total amount of long-term holdings continues to rise. Combined with historically low volatility, this trend could position BTC for a new price discovery cycle, according to on-chain analytics firm Glassnode. Long-term holders are selling - but also increasing their dominance. As of June 12, Bitcoin (BTC) is trading at $108,756, just 3% below its all-time high of $111,800, based on data from Binance. Data from Glassnode reveals that long-term holders (LTHs) - those who have held BTC for over 155 days - are taking significant profits, peaking at $930 million per day. However, despite this selling, the total supply held by long-term holders (LTHs) continues to rise. This divergence is unprecedented in history during late bull market phases, when long-term holdings typically decline due to widespread profit-taking. "This bipolarity - taking profits amid increased accumulation - is likely being driven by institutional adoption and Bitcoin ETF funds," the report notes. The realized profit/loss ratio currently stands at 9.4, a level that often signals extreme market euphoria and may precede local peaks. However, in previous cycles, such high readings have often persisted for months if demand remains strong. The drop in volatility creates a tight trading range. Despite trading near all-time highs, Bitcoin's volatility has collapsed. Ecoinometrics reports that weekly BTC volatility is at 10 percent, down 90% of the weeks in the past 10 years. This contrasts with a rising actual supply density - an indicator that many recent BTC purchases have occurred in the range of $105,000 to $110,000. Such concentration could increase the risk of sudden moves if sentiment changes. Meanwhile, implied volatility in Bitcoin options markets continues to decline, signaling that traders do not expect significant price volatility in the near term. "This compression volatility mode attracts institutions prioritizing risk-adjusted performance," Glassnode notes. The calm before the breakout? Bitcoin appears to be squeezed between institutional demand and profit-taking pressure. With realized volatility at a decade low and long-term supply behavior signaling deeper accumulation, the market may be poised for a strong breakout - or a sudden correction. If new demand continues to outpace selling pressure, analysts say BTC could enter a new price discovery phase. But if sentiment breaks, a swift downturn could occur, especially with the dense concentration of recent purchases, according to Cointelegraph.$BTC