Bitcoin Nears Four-Week Low as Profit-Taking and ETF Flows Slow
Glassnode data show that long-term Bitcoin holders have begun profit-taking at levels seen near past cycle peaks. After the Fed’s rate cut, ETF inflows into Bitcoin paused, removing a key support. On September 25, Bitcoin slipped below its $112,000 support level to a four-week low of $108,700. The subsequent rebound quickly faded, hinting at a deeper correction. The Spent Output Profit Ratio (SOPR) has climbed above 1.0, indicating some traders selling at a loss. Meanwhile, the Short-Term Holder Net Unrealized Profit/Loss (NUPL) is approaching zero, raising the risk of further liquidations by newer investors. Analysts at 10x Research remain neutral until Bitcoin reclaims $115,000. Without renewed institutional demand, selling pressure may extend toward nearby stop-loss zones around $107,500. In contrast, Michael Saylor of MicroStrategy remains optimistic about a potential Bitcoin rally by late 2025.
Bearish
These indicators suggest rising selling pressure as long-term holders realize profits and institutional demand wanes. The breach of critical support levels and the fading rebound point to a potential deeper correction. SOPR above 1.0 and NUPL nearing zero signal that both longtime and newer investors could liquidate positions. Analysts’ neutral stance until $115K highlights limited upside without fresh inflows. Such conditions typically drive short-term bearish momentum, even if some bulls anticipate a later recovery.