Bitcoin News Today: Bitcoin holders hold $1.4 trillion in unrealized gains amid price stability and liquidity test

Bitcoin holders are sitting on a record $1.4 trillion in unrealized gains, according to recent on-chain data. This figure, the largest in the history of the cryptocurrency, reflects the growing bullish sentiment and the accumulation of profits by long-term investors who have held Bitcoin through recent price surges without cashing out [1]. The unprecedented paper gains underscore a market in a strong profit position, but also introduce potential distribution risks as prices continue to rise.

The market recently faced a significant liquidity test when an early investor sold 80,000 BTC—equivalent to around $9.6 billion—via Galaxy Digital’s over-the-counter desk [1]. Despite the large sell-side volume, Bitcoin managed to absorb the pressure efficiently, stabilizing just below its all-time high at $119,000 after briefly dipping to $115,000 [1]. This demonstrated structural robustness, with the price remaining within a defined range of $105,000 to $125,000 [1]. A breakout above this range could bring the $141,000 level into focus, an area marked by concentrated unrealized gains that historically have triggered sell pressure.

The Bitcoin network’s total realized capital currently stands at over $1.02 trillion, representing the USD liquidity embedded within the blockchain [1]. This liquidity was put to the test during the weekend’s distribution event, and the market’s quick stabilization afterward highlights its depth and maturity [1]. Additionally, the Net Realized Profit/Loss metric reached an all-time high of $3.7 billion, while Long-Term Holder Net Realized Profit/Loss also hit a record $2.5 billion, surpassing its previous peak of $1.6 billion [1].

With 97% of the circulating supply held in profit, most investors are still experiencing substantial unrealized gains [1]. The ratio of unrealized profits to market cap is now above its +2σ band, a historical indicator of market euphoria and all-time high formations [1]. This suggests the market is in a strong accumulation phase, with growing incentives for investors to take profits as prices rise.

Long-Term Holders control 53% of the network’s wealth despite ongoing distribution [1], indicating that further sell pressure may still be on the horizon as prices approach levels that could unlock more dormant supply. However, sustained demand will be necessary to absorb this additional pressure.

Short-Term Holders also benefit from favorable conditions, with the average acquisition price at $105,400 and the current price remaining above this level [1]. Historical patterns show resistance forming near the +1σ level of $125,100, and a breakout above this could signal a move toward $141,600. A pullback, meanwhile, would test the $110,000 to $115,000 range, a key area for potential support.

The momentum among short-term investor sub-cohorts remains strong, with the composite index trending upward toward the +1σ level [1]. This suggests that most newer investors are still in profit, a positive sign for market sentiment.

In summary, Bitcoin’s recent performance highlights the strength of its liquidity and the market’s ability to manage large-scale sell events. However, with over $1.4 trillion in unrealized gains across all participants, the risk of increased sell pressure grows as prices continue to rise. The coming weeks will be critical in determining whether the current range will be broken, or if the market will consolidate before the next major move.

Source:

[1] The Week On-Chain Week 30 2025 (https://insights.glassnode.com/the-week-onchain-week-30-2025/)