Bitcoin has surged past the $107,000 mark, marking a significant turnaround for many investors as the total unrealized gains have skyrocketed to an impressive $1.2 trillion, according to insights from the blockchain data analytics platform Glassnode.
At this moment, Bitcoin is trading at $109,716, reflecting a 2% increase within a 24-hour span. The cryptocurrency market as a whole is experiencing positive momentum, with nearly all digital assets showing gains as of the latest updates.
Analyzing data regarding Market Capitalization and Realized Cap, Glassnode identified “substantial growth” in this current market cycle. Market Capitalization has increased dramatically from $304 billion to $2.13 trillion, while Realized Cap has experienced a leap from $400 billion to $955 billion. These figures highlight significant capital inflows into Bitcoin and underscore its evolution towards becoming a multi-trillion-dollar asset.
As $BTC rebounds to $107k, most holders are back into profit. But distribution remains muted – investors are holding through. Realized profits decline, LTH supply hits ATH, and ETF inflows stay strong. Learn what to make of it in the latest Week On-Chain: https://t.co/Rc00Ql7P5x pic.twitter.com/g5OIvhk8lD
— glassnode (@glassnode) July 2, 2025
Additionally, total unrealized profits are currently sitting at $1.2 trillion, which underscores the dramatic value appreciation experienced by Bitcoin investors. This figure also implies a potential for sell-side pressure should market sentiment shift, reflecting the dynamics at play within the investor community.
On average, investors are observing paper gains of approximately 125%. However, this figure remains below the previous highs of 180% recorded in March 2024, when Bitcoin reached an all-time high of $73,000, as well as in December 2024 when it hit $00,000.
Currently, about $872 million is being locked in profits on a daily basis, a stark contrast to the realized profit levels of $2.8 billion and $3.2 billion seen during the previous peaks of $73,000 and $107,000, respectively.
Interestingly, the report indicated that recent price declines have not had a significant negative impact on overall investor profitability. Valuation assessments also reflect a generally positive profitability trend among holders of all coin ages.
Source: Glassnode
The recent surge in Bitcoin prices followed a series of minor declines tied to geopolitical tensions, particularly the conflict between Israel and Iran, which raised concerns and led to casualties in the region.
Given the influence of geopolitical events on the cryptocurrency market, the risk of further volatility remains prevalent. Nonetheless, a decrease in hostilities between Israel and Iran has contributed to a stabilization in market sentiment, facilitating price recovery.
Experts have noted that “the market’s ability to maintain the Short-Term Holder cost basis during such turbulent times is a positive indicator, suggesting continued bullish sentiment and potential upward momentum in prices.”
Investors Brace for Possible Increase in Market Volatility
Gadi Chait, Head of Investment at Xapo Bank, highlighted that “Bitcoin’s on-chain metrics continue to showcase the strength of its current market position.” The uptick in Bitcoin supply that remains in profit underscores the bullish momentum that has characterized recent trends, according to Chait.
However, he cautions that historically, when a significant proportion of the supply is in profit, it often leads to heightened market volatility. “When so many investors are sitting on profits, the likelihood of profit-taking increases, which can lead to short-term price movements, even amid an optimistic market outlook,” Chait explained.
The Glassnode analysis also reveals that despite rising profitability, investors continue to show a strong inclination toward HODLing their assets. The current pricing range appears insufficient to prompt substantial profit-taking, as indicated by declining realized profits, a downturn in Liveliness, and the Long-Term Holder supply reaching a new all-time high.
The trend of reduced selling pressure is evident in the total supply held by Long-Term Holders (LTH), which has reached a new peak of 14.7 million BTC. This trend highlights the prevailing sentiment of HODLing among investors, where accumulation activity greatly outweighs distribution pressures, as per Glassnode’s findings.
Furthermore, the behavior of Long-Term Holders reflects this market sentiment. After a brief period of heightened sell-side activity during the last price peak, this group has since reduced their spending, suggesting a long-term commitment to holding.
In contrast, the Liveliness metric, which reflects spending activity, saw notable increases during previous Bitcoin all-time highs, indicating increased profit-taking. However, during the recent all-time high formation, Liveliness trended downward, suggesting that HODLing remains the dominant strategy among investors, and that further price expansion may be necessary to encourage renewed spending activity.
In today’s trading session, the cryptocurrency market shows signs of recovery, reversing a recent trend of slight declines. Nearly all of the top 100 cryptocurrencies by market capitalization have recorded price increases over the past 24 hours, while the overall cryptocurrency market cap holds steady at approximately $3.47 trillion. The total trading volume across the crypto ecosystem has surged to $120 billion, marking the highest levels seen in days.
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