TLDR
- Bitcoin reached a new all-time high for the third time in the current cycle.
- Glassnode reported that Bitcoin’s rising price is driving vigorous trading activity across exchanges.
- Futures and options markets saw significant growth, with open interest hitting record levels.
- Spot ETFs recorded over 300 million dollars in daily inflows, supporting continued price strength.
- The average profit per Bitcoin moved to exchanges reached 9300 dollars.
Bitcoin (BTC) surged to a new all-time high this week, marking its third peak in the ongoing cycle. Glassnode’s latest report outlines intensified market activity and rising onchain profits. However, it highlights that Bitcoin’s path to $120,000 may face significant sell-side pressure.
Exchange Activity Rises as Bitcoin Climbs
Bitcoin exchange activity sharply increased as centralized platforms processed 33% of the asset’s onchain volume this week. This spike in volume correlates with Bitcoin’s rapid price discovery and renewed interest in trading. Glassnode reported that daily inflows and outflows on exchanges ranged between $4 billion and $8 billion.
Futures markets showed matching momentum, with open interest jumping 51% to reach $55.6 billion since April. Meanwhile, options trading set a record at $46.2 billion in open interest, reflecting strategic positioning. This growth signals broader adoption of advanced trading methods across both institutional and retail segments.
At the same time, Glassnode observed that spending behavior remains profit-focused, with deposited coins realizing average gains of $9,300. These realized profits were twelve times higher than the average losses, indicating a strong incentive to sell. Yet, overall profit-taking activity still sits below historical peak levels.
ETFs and Onchain Metrics Indicate Continued Uptrend
Bitcoin spot ETFs maintained strong inflows, consistently attracting over $300 million in daily net demand since late April. This continuous inflow provided key buy-side pressure and helped fuel Bitcoin’s recent record high. Glassnode linked this demand to both institutional flows and renewed public interest.
Technically, Bitcoin continues to trade above critical momentum indicators, including the 111-day and 200-day moving averages. It also remains above the short-term holder (STH) cost basis of $95,900, showing ongoing bullish momentum. These indicators support the current uptrend while suggesting increasing confidence in the market structure.
Relative Unrealized Profit has entered the euphoric phase, signaling widespread gains across the network. Despite this, only 14.4% of historical days saw higher realized profits, suggesting room for additional growth. However, rising unrealized profits often lead to elevated sell pressure near psychological resistance levels.
Rising Sell Pressure Expected Near $120K Threshold
Glassnode’s MVRV Ratio places BTC between the +0.5σ and +1σ bands, indicating a historically overheated valuation range. This range spans from $100,200 to $119,400 and aligns closely with the $120,000 resistance level. The firm suggests this price zone may trigger more significant selling behavior.
The $120,000 mark also aligns with the short-term holder cost basis plus 0.5σ, reinforcing its psychological importance. Previous cycles saw similar behavior when Bitcoin entered this valuation band. Therefore, traders may begin offloading positions as the price nears this upper boundary.
Glassnode emphasized that while accumulation trends remain strong, price behavior near $120,000 mirrors past market tops. Leverage levels and demand growth still indicate bullish support, but resistance is building.
