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By James Van Straten|Edited by Sheldon Reback
Updated Jul 15, 2025, 9:23 a.m. Published Jul 15, 2025, 9:09 a.m.
- Bitcoin surged to $123,000 before slipping below $117,000, leaving little traded supply between $110,000 and $116,000.
- Long-term holders realized $1.96 billion in profits, contributing to one of the biggest profit-taking days of the year, according to Glassnode.
Bitcoin
retreated from Monday’srecord high of $123,000to trade below $117,000, about 5% below the peak, as investors locked in gains earned during the weekend rally in one of the largest profit-realization events for bitcoin this year.
Glassnode data shows that investors collectively realized $3.5 billion in profit over the past 24 hours, with the majority going to long-term holders — defined as those who bought more than 155 days ago, who accounted for 56% of the total.
STORY CONTINUES BELOW
The largest cryptocurrency’s rapid rally from $108,000 to $123,000 left a notable supply gap because the swift price action meant little trading activity occurred in the $110,000 -$116,000 range.
Glassnode’s UTXO Realized Price Distribution (URPD) sheds light on the move. It measures the so-called unspent transaction outputs (UTXO), which capture the prices at which bitcoin was bought and not sold. It represents the prices at which BTC is currently being held across the Bitcoin blockchain.
Each bar in the chart shows the amount of bitcoin that last moved within a specific price range. The entity-adjusted version of this data show above accounts for the average purchase price of each entity’s full balance and excludes internal transfers between addresses owned by the same entity, which do not represent genuine market activity. It also filters out supply held on exchanges, because aggregating millions of users’ funds into a single price point would create distortions in the data.
With minimal supply sitting between $110,000 and $116,000, as shown by the dip at the right-hand side, the market remains vulnerable to sharp moves in either direction.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
