Bitcoin Surges past $107,000, Investors Hold Tight
Bitcoin has recently climbed above $107,000, recovering from a brief dip caused by geopolitical tensions.This rebound has put most investors in a profitable position. Though, data shows that they are not in a rush to sell.
A July 1 report by Glassnode reveals that Bitcoin investors are sitting on $1.2 trillion in unrealized profits.This figure is derived from the difference between Bitcoin’s $2.1 trillion market cap and its $955 billion realized cap. The realized cap values each coin at its last movement price.
The trend is mainly driven by long-term holders, who now control a record 14.7 million BTC. This suggests that most investors are not interested in selling at current prices. Daily profit-taking has also slowed down to under $900 million, much lower than the $2.8 billion and $3.2 billion seen during previous peaks.
Despite a drop from $106K to $99K during the Israel-Iran tensions, positive sentiment remained strong. Bitcoin quickly bounced back from the short-term holder cost basis of $98.3K, a key support level.The quick recovery maintained the positive momentum, keeping most investors in profit.
- On-chain records show more assets are being held than moved.
- The Sell-Side Risk Ratio has dropped, indicating minimal profit and loss-taking.
- Stablecoin data suggests a balanced market wiht steady buying power.
Institutional interest remains strong.U.S.-listed spot Bitcoin ETFs have seen consistent inflows, with a recent seven-day average of $298 million. This demand adds buying pressure, supporting BTC’s growing $2 trillion market cap.
At the time of writing, BTC is trading just above $107,600, showing a modest uptick over the past 24 hours.
