- Glassnode reports that 70% of Bitcoin’s short-term holder supply remains in profit despite the latest price retracement from recent local highs.
- Spent volume from profitable short-term holders has cooled to 45%, suggesting neutral positioning and no aggressive profit-taking at this stage.
- Bitcoin must break above the $116,900 resistance to confirm strength, with failure risking a decline toward the $110,000 support zone.
Short-term holders of Bitcoin are now in a state of profit, according to the latest report by on-chain analytics firm Glassnode. For now, even with recent price moves the data does not show the market has tipped its hand in wanting to go one way or another yet.
70% of Short-Term Holders Remain in Profit
Glassnode’s latest report indicates that 70% of Bitcoin short-term holders are in profit despite the market’s recent pullback. While such a development often leads to profit-taking, the current environment appears relatively stable. The analytics firm noted that short-term holders’ confidence could decline further if the correction deepens and their supply moves into loss.
To analyze the market’s activity, Glassnode looked into the spent volume from short-term holders that are currently in profit. It currently sits at 45%, which Glassnode classifies as a neutral zone. This shows that at this stage, profit taking is not aggressive, thereby supporting a balanced view of the Bitcoin market.
Bitcoin ETF Outflows Add Mild Sell-Side Pressure
Glassnode also analyzed Bitcoin ETF flows, noting a recent net outflow of 1,500 BTC on August 5. This is the largest ETF-driven sell-side activity since April 2025. Although such events can weigh on price, Glassnode emphasized that most ETF outflows have been brief, limiting prolonged downward pressure.
The platform added that only a few instances of continuous daily outflows have led to extended selling activity. For this reason, tracking ETF trends remains essential in evaluating whether this outflow marks a temporary movement or a broader shift in sentiment.
Bitcoin Faces Key Resistance at $116,900
Glassnode identified $116,900 as a crucial resistance level for Bitcoin. This price reflects the cost basis of local top buyers over the past month. Reclaiming this level would indicate renewed buying force and bolster the likelihood of an upside trajectory.
On the other hand, Bitcoin not being able to break above this level may put the asset at greater risk of further downside risk.. The analytics firm stated that prolonged trading below $116,900 increases the likelihood of a drop toward the $110,000 zone, where thinner market activity presents downside risk.
