After the recent surge, nearly all Bitcoin supply is now in profit, but on-chain analysis shows that rising leverage and "crowded long positions" may indicate increasing short-term vulnerability.
As of Wednesday, blockchain analytics provider Glassnode reported that 97% of Bitcoin (BTC) supply is in profit.
High profit levels typically signal consolidation, and realized profits remain constrained, "indicating that this is an orderly rotation rather than distribution pressure," analysts added.
This means that investors have been gradually taking profits and reconfiguring their positions, rather than engaging in large-scale panic selling. This is a typical characteristic of a healthy bull market, where profit-taking is balanced with new demand.
Glassnode uses a "cost basis distribution heatmap" to highlight structural support, noting limited support between $121,000 and $120,000, while stronger support exists around $117,000, where approximately 190,000 BTC were last acquired.
This makes the $117,000 area a key zone to observe for "stability and momentum recovery."
Glassnode also noted that "the surge in trading volume confirms strong institutional demand" in the Bitcoin futures and spot ETF markets, but rising leverage and funding rates may "bring short-term vulnerability."
According to CoinGlass data, the U.S. spot Bitcoin ETF has seen over $2.5 billion in inflows in the first three days of this week, including the second-highest single-day inflow.
This week's on-chain signals outline a "strong but increasingly mature uptrend, with support remaining as Bitcoin discovers price, but becoming more sensitive to profit-taking and leverage resets," analysts summarized.
As of the time of writing, the BTC price has retreated from a high of $124,000 on Wednesday evening to just below $122,000.
Related: "Predatory" traders squeeze Bitcoin long positions, BTC faces risk of dropping to $114,000
Original: “Glassnode: 97% of Bitcoin (BTC) supply is in profit, but beware of short-term vulnerability”
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