Bitcoin (CRYPTO: BTC) has demonstrated exceptional resilience in the face of a massive sell-off, with over $1.4 trillion in unrealized gains still held by market participants.
According to Glassnode‘s weekly report, an overwhelming 97% of Bitcoin’s circulating supply remains in profit, demonstrating the market’s maturity and liquidity depth.
What Happened: Last weekend weekend, a legacy Bitcoin holder distributed approximately 80,000 BTC, valued at $9.6 billion, via Galaxy Digital‘s OTC desk.
Despite this significant sell-side volume, the market absorbed the pressure without collapsing, briefly dipping to $115,000 before rebounding to $119,000.
In a note sent to Benzinga, Illia Otychenko, lead analyst at CEX.IO, observed a similar tension building within the market.
“Bitcoin is coiling like a spring,” he said, noting that …