Short-Term Bitcoin Holders Curb Selling; Price Holds $115K
On-chain data from Glassnode show Bitcoin short-term holders are reducing profit-taking activity as BTC prices rebound from a local low of $112,000 to around $114,766. The profit-taking metric for Bitcoin short-term holders, which tracks the share of coins bought recently and sold in profit, fell to 45%, below the neutral 50% threshold. Glassnode notes the market is in a “relative equilibrium,” with 70% of short-term supply still in profit and an equal balance of profit and loss among moving coins. Checkonchain’s SOPR indicator suggests that many recent buyers near all-time highs are exiting at a loss. Despite this, analysts like Tom Lee remain optimistic, forecasting Bitcoin could reach $200,000–$250,000 by year-end and into 2025.
Neutral
The report shows Bitcoin short-term holders are equally split between profit and loss on moving coins, and profit-taking has cooled below neutral levels. Historical patterns suggest this equilibrium phase often precedes further consolidation rather than sharp moves. While long-term outlook remains bullish—Tom Lee expects $200K–$250K—near-term trading is likely to stay range-bound around $115K. Traders may hold positions rather than sell en masse, leading to a neutral impact on market momentum.