Bitcoin Cost Basis Exceeds $100K as $3.5B Profits Realized and Whale Moves
Glassnode data shows Bitcoin cost basis for short-term holders has surpassed $100,000 per coin for the first time. On-chain metrics reveal nearly 99% of circulating BTC is in profit, indicating high market euphoria and correction risk.
In the past 24 hours, investors realized about $3.5 billion in profits, driven largely by long-term holders locking in gains. Notably, a 14-year-old dormant wallet moved 40,000 BTC to Galaxy Digital, which then transferred 6,000 BTC to Binance and Bybit—one of the largest whale transactions in months. These developments suggest $100,000 may serve as strong support on pullbacks, while concentrated whale activity and high cost bases could fuel volatility. Traders should monitor on-chain metrics, realized price levels, and whale flows to gauge near-term price floors and liquidity shifts.
Bullish
The surge in Bitcoin cost basis above $100,000 and $3.5B in profit-taking highlight strong demand and distribution at elevated levels. Nearly 99% of BTC in profit suggests market euphoria but also establishes a clear support zone around $100K. Large whale moves—40,000 BTC to Galaxy Digital and 6,000 BTC to major exchanges—signal shifting liquidity that could amplify volatility but also create buying opportunities on dips. Overall, these on-chain signals point to bullish prospects for Bitcoin, especially if the $100K area holds as support.