1. Paper Profits Soar to $1.2 Trillion

According to the latest Glassnode data, $BTC investors are now sitting on approximately $1.2 trillion in unrealized gains—nearing the all‑time peak of $1.3 trillion seen in late 2024 investopedia.

Most holders are deep in profit, with an average paper gain of 125%, while short-term selling pressure has faded significantly dailyhodl..

2. A Super‑Majority Choosing to HODL

Glassnode describes a super‑majority of holders still in the green, with minimal incentive to sell at current price levels. The key factors:

$BTC has found a support zone near $98,300, which aligns with the average cost basis for short-term holders (<155 days).

Long‑term holder supply is at an all‑time high.

Realized profits are declining, even as paper gains swell dailyhodl

This behavior signals a market dominated by those with conviction to hold through volatility.


3. Binance: Unrealized Profits in the Spotlight

Meanwhile, Binance—the world’s largest crypto exchange—has posted 60,000 BTC in unrealized gains, worth around $6–7 billion, a new record high for its reserves fxempire.0.

Notably, these profits rose despite Binance’s $BTC reserves falling by about 9% since September 2024, as users increasingly opt for self-custody — further underscoring broader market confidence ainvest.
These exchange-level gains mirror broader investor conviction and signal strategic institutional positioning.

4. Historical Whales & Liquidity Tests


In July 2025, a Satoshi-era whale sold 80,000 BTC (~$9.6B) in one of crypto's largest ever profit-taking operations. The market absorbed the sell-off with barely a blip, reaffirming liquidity resilience cryptonews.
Still, the paper gains remain largely intact, reinforcing current holder resolve.


🔍 What This Means for the Market


✅ Sentiment: Bullish and Unshakeable


The combination of astronomical unrealized profits and eroding sell-side activity paints a bullish sentiment picture. Such metrics often precede further price discovery—so long as selling remains muted and demand persists.


⚠️ Risks to Watch

Profit realization: Even patient holders may eventually distribute, especially if price surges beyond $120K–$125K.

Market triggers: Another whale liquidation or macro shock could challenge support levels or trigger profit taking.

Regulatory shifts—especially regarding taxation of unrealized gains—also loom, particularly for corporate holders like MicroStrategy, which may face tax liabilities for billions in paper gains under evolving rules

With Bitcoin trading around $117K–$119K and sentiment firmly bullish, key on-chain metrics suggest the market is positioned for a potential next leg up—perhaps toward $125K–$150K if sentiment holds and inflows continue,


Bitcoin holders, from retail to institutional, are sitting on record-breaking unrealized gains and showing remarkable discipline in not cashing out. As long as sentiment remains strong and BTC holds key technical levels, the market could continue climbing the next leg. But when that profit-taking phase begins could be the catalyst for a major shift—be it a launchpad or a reversal.


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