#Glassnode
Crazy Market
BlockBeats News, on July 30, Glassnode published an analysis regarding the massive sale of 80,000 BTC by the 'Ancient Whale' last weekend. The analysis highlights that, despite a trading volume reaching $9.6 billion, the market effectively absorbed the selling pressure. The price of Bitcoin dropped to $115,000, before briefly stabilizing at $119,000, slightly below its all-time high.
The analysis indicates that, even after this large-scale distribution, market participants still hold significant unrealized profits. These unrealized gains currently amount to over $1.4 trillion, with 97% of the circulating supply still being profitable.
According to several on-chain valuation models, the price of Bitcoin is currently fluctuating between $105,000 and $125,000. A decisive break from this range could trigger a rise to $141,000. Given the high expectations for unrealized gains at this price level, selling pressure could still intensify in this area.