Bitcoin $118K ATH Amid Thin Liquidity, Low LTH NUPL
Glassnode data shows Bitcoin surged to a record $118,000 despite historically low spot and futures volume. Trading volumes plunged in late June and only modestly recovered after the breakout, indicating thin liquidity around the ATH. Meanwhile, long-term holder net unrealized profit/loss (NUPL) rose to 0.69 but remains below the 0.75 euphoria threshold, signaling limited market mania as seasoned investors continue accumulating. Traders should monitor key on-chain metrics—NUPL, Spent Output Profit Ratio (SOPR) and volume trends—to gauge sentiment shifts and potential supply shocks. At time of writing, Bitcoin is trading around $118,000, up over 9% in a week, underlining a sustainable rally tempered by low liquidity risks.
Bullish
Despite thin liquidity surrounding the $118K ATH, the record price and low long-term holder NUPL suggest seasoned investors remain in accumulation mode, leaving room for further upside. In the short term, traders may see consolidation or volatility due to tight volume, but key on-chain metrics like NUPL and SOPR continue to signal bullish sentiment. Over the longer term, ongoing accumulation and potential supply shocks underpin a sustainable rally, offering a favorable environment for both strategic entries and hold positions.