Bitcoin has bounced back above the $107,000 mark, recovering quickly after a recent dip triggered by geopolitical tensions. While the rebound has put most investors back in profit, there’s little sign that many are eager to cash out just yet.
A new report from Glassnode, dated July 1, reveals that Bitcoin investors are sitting on a staggering $1.2 trillion in unrealized profits. This figure comes from the difference between Bitcoin’s current $2.1 trillion market cap and its realized cap of $955 billion a metric that measures the value of coins based on the last time they moved on the blockchain.
Much of this holding behavior is being driven by long-term investors, who now control a record 14.7 million BTC. This trend strongly suggests that most Bitcoin holders are content to ride out the market rather than sell at today’s prices. Profit-taking has also slowed significantly, with daily realized gains falling below $900 million well under the $2.8 billion to $3.2 billion levels seen during previous market peaks.
Despite last weekend’s price drop, when Bitcoin briefly fell from $106,000 to $99,000 amid rising tensions between Israel and Iran, market sentiment has stayed positive. The price found strong support at the short-term holder cost basis of $98,300 a level often viewed as an important indicator of broader market direction. Bitcoin’s quick rebound has kept momentum intact and ensured most investors remain in profit.
Investors Keep HODLing
On-chain data continues to paint a picture of strong investor conviction. For example, Bitcoin’s “Liveliness” metric, which measures the balance between spending and holding, has been trending lower. This indicates more coins are staying put rather than moving around, a classic sign of HODLing. Meanwhile, the Sell-Side Risk Ratio has also dropped, showing minimal realized profit-taking even as prices hover at elevated levels.
Stablecoin flows further confirm that the market remains steady. There have been no massive inflows suggesting panic buying, nor large outflows that would signal a rush to sell. According to Glassnode, traders currently see Bitcoin’s price range as fair value and aren’t feeling pressured to chase higher prices or dump their holdings.
Institutional investors also appear committed. U.S.-listed spot Bitcoin ETFs have been seeing steady inflows, with an average of $298 million pouring in over the past seven days. This consistent demand provides buying support and adds strength to Bitcoin’s growing $2 trillion market cap.
As of this writing, Bitcoin is trading just above $107,600, posting a modest gain over the past 24 hours. All signs point to a market where investors, both large and small, are comfortable holding their positions and waiting for what comes next.
