The rebound followed a bounce off the $98,300 level, a historically important threshold that often marks a shift between bullish and bearish market regimes. Glassnode describes this level as the cost basis for short-term holders, suggesting that the recent price action has helped restore confidence among newer investors.
What’s more telling, however, is the market’s calm response to the surge in profits. Instead of rushing to cash out, long-term holders are continuing to accumulate BTC, with metrics like Liveliness and realized profits trending downward. This behavior signals that investors are seeing current prices as a midpoint, not a peak—suggesting expectations for even higher valuations in the near future.
Glassnode also highlights that the supply held by long-term investors has reached a new record high, further reinforcing the idea that market participants are positioning for the next leg up. With a $2.13 trillion market cap and a realized cap of $958 billion, Bitcoin appears to be entering a new phase of maturity, backed by growing conviction from both seasoned and newer participants.
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