Cautious optimism. 96.7% of Bitcoin supply turned out to be "in the black"

As of the end of June, 96.7% of the supply of the first cryptocurrency was in profit, indicating a high risk of volatility. This is stated in the Glassnode report.

The share of Bitcoin supply in profit. Data: Glassnode Historically, such high levels lead to selling pressure as the potential for profit-taking increases, researchers noted. The current situation reflects a "bullish sentiment among investors, but with caution regarding price corrections."

From June 22 to June 30, the realized profit and loss ratio for Bitcoin jumped from 1.1 to 2.8 points.

The realized profit and loss ratio of Bitcoin. Data: Glassnode

"It seems that the market has entered a phase of cautious optimism with stronger positions from institutional players and a resumption of accumulation," Glassnode added.

According to experts, sustained demand and broader market confidence are necessary to maintain the rally.

The company's weekly report states that the total "paper profit" of bitcoin investors has reached $1.2 trillion, approaching the historical maximum of $1.3 trillion at the end of 2024.

Unrealized profit of Bitcoin. Data: Glassnode The average unrealized profit of the holder of digital gold is 125%. Before the maximum, the indicator was 180%.

"Hodling appears to be the dominant market mechanic across multiple spending metrics," analysts concluded.

This dynamics leads to a decrease in realized Bitcoin profits and an increase in the volume of coins held by long-term holders. The metric has almost reached a record.

Data: Glassnode Glassnode also noted a sharp decline in sales from short-term holders following the rise of Bitcoin to levels around the historical maximum in May 2025.

Selling pressure from short-term investors. Data: Glassnode

"This once again indicates that the current price range is not attractive enough for investors to continue selling, which means the market may need to rise ( or fall ) to unlock additional supply," the researchers emphasized.

Analysts from Standard Chartered Bank have stated that the halving will no longer affect the cycle of the first cryptocurrency and have predicted its growth to $200,000 by the end of 2025.