Analysis: After the "80,000 BTC Ancient Whale" Sell-off, 97% of Circulating Supply Remains in Profit

BlockBeats News, July 30 — Glassnode published an analysis regarding last weekend’s “80,000 BTC ancient whale” sell-off, noting that despite a seller volume as high as $9.6 billion, the market effectively absorbed the selling pressure. Bitcoin’s price dropped to $115,000, then briefly stabilized at $119,000, slightly below its all-time high.

The analysis states that even after this large-scale distribution event, the unrealized profit held by market participants remains substantial. Currently, more than $1.4 trillion in paper gains are being held, and 97% of the circulating supply is still in profit.

According to multiple on-chain valuation models, Bitcoin’s price is still fluctuating between $105,000 and $125,000. If it decisively breaks out of this range, a rally toward $141,000 could be triggered. Given the high level of unrealized profit expected at that price, selling pressure may further intensify in this area.