In a stunning display of strength, Bitcoin (BTC) weathered a colossal $9.6 billion sell-off over the weekend, proving its market depth and liquidity. Despite the historic pressure, BTC prices stabilized near $119,000, just shy of its all-time high. This event marks one of the largest profit-taking events in Bitcoin’s history—so how did the market absorb such massive selling pressure? Let’s dive into the details.
Bitcoin News: A $9.6 Billion Stress Test
A Satoshi-era whale unloaded 80,000 BTC through Galaxy Digital, likely via a mix of market sales and OTC transactions. Blockchain analytics firm Glassnode called this “one of the largest discrete profit-taking events” in Bitcoin’s history. Yet, the market efficiently absorbed the sell-side pressure, showcasing BTC’s growing liquidity.
Bitcoin Liquidity Proves Its Mettle
Key takeaways from the event:
- Realized Cap exceeded $1.02 trillion, highlighting Bitcoin’s deep liquidity.
- Net Realized Profit/Loss hit a record $3.7 billion, signaling major coin movement.
- Over 97% of circulating supply remains held by investors with unrealized profits.
Bitcoin Price Stability Defies Expectations
Despite the sell-off, BTC held steady at $119,000. Glassnode suggests a breakout above $125,000 could push prices toward $141,000, though increased sell pressure may emerge. Conversely, a pullback could find support in the $110,000-$115,000 range—a “light volume zone” to watch.
What’s Next for the Cryptocurrency Market?
Long-Term Holder (LTH) profits reached a new all-time high of $2.5 billion, up from $1.6 billion. The market is currently in a distribution phase, but Bitcoin’s resilience during weekend trading—a typically thinner period—underscores its structural strength.
Conclusion: Bitcoin’s Unshakable Foundation
Bitcoin’s ability to absorb a $9.6 billion sell-off without major price disruption is a testament to its maturing market. While unrealized profits remain high, the network’s liquidity and investor confidence suggest continued robustness.
Frequently Asked Questions (FAQs)
1. How did Bitcoin handle the $9.6 billion sell-off?
The market efficiently absorbed the sell-side pressure, with prices stabilizing near $119,000, demonstrating Bitcoin’s deep liquidity.
2. What was the impact on Bitcoin’s price?
BTC remained stable, hovering just below its all-time high of $122,838, showing strong resilience.
3. What does the Net Realized Profit/Loss metric indicate?
The record $3.7 billion in Net Realized Profit/Loss suggests significant coin movement before distribution.
4. Could Bitcoin’s price rise further?
Glassnode notes that a breakout above $125,000 could push BTC toward $141,000, though sell pressure may increase.
5. What is the current market phase for Bitcoin?
The market is in a distribution phase, with Long-Term Holder profits hitting new highs.
