Up until about a month ago, profit-taking on the Bitcoin network was moderate. However, this has changed. On-chain analytics provider Glassnode reported that profit-taking on the leading digital network has accelerated again. After weeks of upward movement, Bitcoin remains in a consolidation phase, trading below $110,000. 

Profit-taking is ramping up on the #Bitcoin network again. Yesterday, $BTC realized profits hit $2.46B, while the 7D SMA climbed to $1.52B. That’s above the YTD average of $1.14B, but still well below the ~$4-5B peaks (7D SMA) seen in Nov–Dec 2024. pic.twitter.com/hGnQHyEI2c

— glassnode (@glassnode) July 1, 2025

According to Glassnode, realized profits in Bitcoin reached $2.46 billion on June 30. The network’s seven-day Simple Moving Average (SMA) rose to $1.52 billion. This metric, which averages prices over a specific period to identify trends, is currently above the year-to-date average of $1.14 billion. However, it still falls short of the $4.5 billion peak seen in November-December 2024. 

Long-Term Bitcoin Investors Take Action 

The rise in the seven-day SMA suggests increasing coin distribution on the network. Medium- and long-term BTC holders are leading this profit realization trend. Glassnode reports that holders in the three to five-year range have realized at least $849 million in profit. They are followed by holders in the seven to ten-year range, who realized $485 million in profit. Meanwhile, those holding BTC for one to two years gained $445 million. 

Short-term holders (less than one year) cashed out the least, with realized profits under $6 million. Interestingly, older BTC holders have led the profit realization in this cycle. Spending activity among this group increased in late May, raising the total volume of one- to five-year holders to $4 billion—the highest since February. While these older investors lead the trend, the bulk of the volume still stems from this specific group of Bitcoin holders. 

Profit-taking on the #Bitcoin network was driven mostly by mid- to long-term holders. $BTC aged 3–5y realized $849M, followed by 7–10y at $485M, and 1–2y at $445M. Short-term holders (<6m) played a much smaller role. pic.twitter.com/D1MYRJ1oI0

— glassnode (@glassnode) July 1, 2025

Whales Are Also Redistributing Their Bitcoin 

Glassnode’s latest report is also backed by institutional DeFi analytics platform Sentora (formerly IntoTheBlock), which noted that wallets holding over 1,000 BTC have been steadily reducing their balances. This suggests that, despite institutional capital flowing into Bitcoin, whales are still offloading their holdings. 

Sentora views this redistribution not as a sign of weakness but as a signal of a maturing market. The distribution of old whale coins could become a dynamic that strengthens Bitcoin’s long-term potential. As of this writing, BTC remains in a consolidation phase, with the price staying below $110,000 in recent weeks. 

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On average, 566 BTC per day fall into this “ancient supply” category, while current daily BTC production remains around 450 coins. This development marks the first time in Bitcoin’s history that long-term held coins are growing faster than new supply. This data stands out as a significant factor reinforcing Bitcoin’s scarcity narrative. 

Fidelity analyst Zack Wainwright said, “The strong conviction of ultra-long-term investors is increasingly influential on the Bitcoin ecosystem.” According to the report, ancient supply is increasing regularly every day. The daily decrease rate in this supply category is less than 3%. 

As of June 8, 17% of all bitcoin falls into the category of “ancient supply”—meaning these coins have not moved in a decade or more. What could this mean for scarcity, market dynamics, and investors’ conviction? Find our team’s thoughts: https://t.co/EALzrfS92c pic.twitter.com/Ckm3MylTLY

— Fidelity Digital Assets (@DigitalAssets) June 18, 2025

Bitcoin Supply Exceeds 3.4 Million BTC, Yet Market Remains Unmoved 

With the dynamics changing after the 2024 halving, the dormant Bitcoin supply over 10 years has surpassed 3.4 million BTC. This corresponds to about 17% of the total supply. Coins believed to belong to Satoshi Nakamoto constitute roughly one-third of this ancient supply. However, many of these coins are likely lost. 

Meanwhile, there has been a more frequent decrease in ancient supply since the 2024 US elections. The report states that the supply of coins held for five years or more has dropped by 39% daily since the election. This rate was normally only around 13%. 

Some long-term investors are realizing profits. As uncertainty increases, the number of coin movers also rises. Wainwright notes that these movements may partly explain the price stagnation and declines seen in the first quarter of 2025. 

However, an important warning exists. The dormant supply surpassing new supply does not necessarily mean a short-term price increase. On the contrary, increased supply activity can exert downward pressure on prices. Although 2025 is traditionally considered the peak of the Bitcoin bull cycle, BTC has only risen by 12% since the start of the year. 

Fidelity notes that as institutional products increase, ancient supply becomes more widespread. This feature differentiates Bitcoin from other assets and could become even more critical in potential demand growth. 

Last week, we highlighted how $BTC wallets that held >12m were the primary profit-takers. But that trend has now flipped. Yesterday:

<12m cohorts accounted for 83% of all realized profit
6–12m holders alone realized $904M – second-highest daily profit YTD pic.twitter.com/gBD8tLCjVG

— glassnode (@glassnode) June 17, 2025

On the other hand, Glassnode data reveals a shift in investor behavior. Profit-taking trends have reversed among different investor groups. 

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The post Historic Milestone in Bitcoin: Dormant Supply Surpasses New Supply  appeared first on Coin Engineer.

Long-Term Bitcoin Activity Increasing 

Glassnode data reveals that the spending volume of Bitcoins held for one to five years has risen to $4.02 billion. This marks the highest level since February and represents the fifth largest spending wave of the bull market. 

Since the start of this bull market, old Bitcoin holders have sold large amounts of BTC after each rally. Investors spent significant amounts of BTC in March, October, November 2024, and February 2025. 

Spending by older $BTC holders is heating up again. Aggregate volume from the 1y–5y cohorts just hit $4.02B – the highest since February.
Older coins are on the move pic.twitter.com/jhMETQFJdB

— glassnode (@glassnode) May 28, 2025

The largest spending in this cycle occurred in October 2024, reaching $9.25 billion. Most of the sales came from investors holding BTC between one and two years. The second and third largest spending waves were in March 2024 ($6.11 billion) and February 2025 ($5.42 billion). During this period, the most active group was investors holding BTC for two to three years. The fourth largest spending was in November 2024, with $4.39 billion spent by investors holding BTC for three to five years. 

Especially, Bitcoin holders with three to five years of holding dominated this period. Their activity alone was measured at $2.16 billion, the second largest sale in the cycle. The largest sale was $6 billion in March 2024. Meanwhile, those holding BTC for two to three years spent $1.41 billion, and holders between one and two years spent $450 million. Previous major movements occurred in October, November 2024, and February 2025, where similar selling waves followed price increases. 

Old wallet holders are either taking profits or repositioning. CoinMarketCap data shows the price dropped over 4% from $111,970. At the time of writing, BTC was around $107,540, down about 3% weekly and 1.2% daily. If the aim is to change strategy, BTC may consolidate further. However, if it’s profit-taking, the price could fall below $106,000. 

***NOT INVESTMENT ADVICE ***

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Why Is Bitcoin Not Facing Selling Pressure?  

Glassnode analyzed this situation and pointed out that despite 100% supply profitability, investors remain cautious about selling their Bitcoin holdings. According to the platform, the total profit-taking volume at prices above $111,000 was around $1 billion. This figure is less than half of the $2.1 billion recorded when BTC first crossed $100,000 last December.  

Funding rates indicate that Bitcoin’s current rally is healthy and organic. These rates were six times higher in Q1 and three times higher in Q4 of last year. The current low rates suggest minimal speculative activity in the futures market.  

This means the rally is driven by real purchases in the spot market rather than leveraged trading. As a result, the risk of sudden and sharp corrections is reduced, offering a safer environment for investors.  

Glassnode stated:  

“Despite higher prices, profit realization was much more limited.”  

This data shows that current investors remain patient and focused on the long term. At the same time, it supports the view that Bitcoin still holds strong upside potential. Analysts say Bitcoin’s rise is fueled by spot buying rather than leveraged positions, with futures funding rates remaining low, indicating restrained risk-taking and more organic price moves.  

On the liquidity side, there is a noticeable increase in stablecoin supply. Moreover, the global M2 money supply growth points to a large cash reserve ready to be deployed in the market. All these factors support the idea that Bitcoin can continue rising.  

Additionally, global liquidity trends continue to provide support for BTC. The global M2 money supply, which measures the total money circulating in major economies, grew by 5% in Q1 2025. This growth was influenced by monetary policy easing in the US, European Union, and Japan.  

NOT INVESTMENT ADVICE  

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