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Bitcoin short-term holders are finally chilling out.

After weeks of aggressive profit-taking near the $123K peak, new Glassnode data shows that spending activity from recent buyers has cooled off – a signal that the worst of the post-ATH dump might be behind us.

That’s a big deal. When short-term holders stop rushing for the exits, it gives long-term buyers room to accumulate without fighting constant sell pressure. In other words, the bull cycle gets to breathe again.

Profit-Taking Drops as Bitcoin Floats Around $115K

Glassnode’s latest report paints a calmer picture of the Bitcoin market. Short-Term Holder (STH) Spent Volume (a key metric that tracks how many recent buyers are selling) has dropped to 45%, sliding below the neutral 50% line.

That means fewer newcomers are cashing out, even as $BTC trades just under $115K.

On top of that, 70% of STH supply is still in profit, signaling that recent buyers haven’t been shaken out.

Glassnode called it a ‘relatively balanced position’ that aligns with the mid-phase of previous bull markets. In other words, it’s not euphoric, but far from bearish.

Onchain tracker Checkonchain backs this up. According to its SOPR analysis, many of the folks who bought near the $123K top are now capitulating at breakeven – classic weak-hand behavior. But that’s exactly what strong markets need: the exit of uncertain traders, replaced by conviction buyers.

Historically, STH capitulation clears the runway for upside continuation. With major voices like Tom Lee still eyeing a $250K target for 2025, this consolidation might just be the pit stop before the next leg. If $BTC holds its ground into Q4, the appetite for risk is only going to grow.

Meme Coin Appetite Grows When $BTC Stabilizes

When Bitcoin chills, meme coins cook. It’s a familiar pattern — once $BTC stabilizes, traders itching for bigger gains start rotating into high-risk, high-reward crypto plays. Meme coins sit at the top of that list, offering insane volatility with outsized upside.

We’ve seen this movie before. Back in May 2021, $DOGE hit $0.7376 as Bitcoin coasted near its then-ATH. Fast-forward to late 2024: as $BTC surged post-election, $DOGE nearly broke $0.50 again.

Around the same time, $PEPE exploded to an all-time high of $0.00002825 in December, all while Bitcoin rallied in the background.

That’s the opportunity in front of us now. With profit-taking easing off and Bitcoin holding firm above $110K, traders are already eyeing the next big crypto runner.

Maxi Doge ($MAXI), a satirical beast of a token built for the 1000x leverage era, positions itself as the natural successor to Dogecoin, but with more caffeine and fewer naps.

If the risk-on mood returns, $MAXI could be the first to benefit.

Maxi Doge ($MAXI): The Meme Coin Built for the Bull

Maxi Doge ($MAXI) isn’t just another Doge clone; it’s the final form. A satirical, ultra-degen meme coin built for the trader who dreams of candlesticks and maxes out leverage before breakfast.

Born in the gym and raised on caffeine, $MAXI captures the raw spirit of bull market insanity: no sleep, only pumps.

Built on Ethereum, $MAXI trades at just $0.000251 and has already raised over $440K in its presale.

For the true believers, staking offers a wild 593% APY.

Unlike some meme coins that awkwardly bolt on utility, $MAXI embraces its purpose: pure, unfiltered meme adrenaline. Its branding leans all the way in: 1000x trades, rage-fueled lifts, and enough testosterone to break TradingView.

But there’s more beneath the flex. 25% of the total supply is allocated to the MAXI Fund, reserved for future partnerships and marketing – with hints of a futures exchange collab where degens might one day trade $MAXI itself with 100x+ leverage.

Compared to $DOGE and $SHIB, which launched with nothing but vibes, $MAXI enters the arena with a fully-formed identity and roadmap. It’s not a meme, it’s a movement.

Final Form, Final Pump? Why $MAXI Could Be the Top Dog Meme Coin This Cycle

Bitcoin’s cooling profit-taking marks a shift: not into fear, but into calm. That’s bullish. When the selling slows and accumulation picks up, meme coins tend to ride the next wave of risk-on sentiment.

Maxi Doge ($MAXI) embodies the current cycle: full-degen, hyper-aware, and totally unbothered by fundamentals. Its launch hits right as market appetite rotates back toward high-volatility plays with greater potential upside.

Sure, it’s absurd. But that’s the point. In a market driven by vibes and volume, $MAXI might just be the one bench-pressing the others off the chart.

Always do your own research. Presales in crypto are high-risk, high-reward. Don’t invest more than you’re prepared to lose, and make sure to verify all presale links through official sources.

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Bitcoin’s current bearish movements appear to have intensified as market sentiment wanes, causing the flagship asset to lose the key $104,000 price level. Despite the recent pullback, key metrics such as the BTC Realized Profits are still in a positive range.

Realized Profits On Bitcoin At A Neutral Level

Following Bitcoin’s price decline, on-chain data shows that the Bitcoin market dynamics are seeing a cool-off as BTC Realized profits remain at a key zone. The current levels of realized profit indicate that the market is functioning in a state of sound equilibrium, showing no immediate indications of overheating or undue speculation.

On-chain expert and verified author Darkfost reported the development in a recent post on the X platform. According to the on-chain expert, as Bitcoin stabilizes in the face of economic and geopolitical uncertainties, keeping an eye on on-chain activity becomes essential.

Currently, Darkfost has stated that there are no significant red flags regarding realized profits on Bitcoin within the 7-day timeframe. In the current state of the market, the expert believes that it is crucial to monitor these indicators in order to predict any changes in market structure or attitude.

Even though bearish pressure is building in the sector, this stability suggests that the market may still have the capacity to rise as investors are exercising patience rather than making hasty withdrawals.

After he analyzed the BTC Net Realized Profit/Loss metric, Darkfost revealed that realized profits are still below a $1 billion value. This level is similar to what was captured near the conclusion of the correction in October 2024, as seen on the chart.

Despite a minor increase during the most recent all-time high, realized profits were still far lower than those recorded in January 2025. Such a positioning from the metric implies that investors and traders are not concerned enough or are not seeing enough profit to spark a large-scale sell-off.

A Huge Change In BTC’s Realized Cap

Looking into Bitcoin’s Realized Cap – UTXO Age Bands by percentage, the metric shows a shift in BTC movements. Kyle Doops, a market expert and Crypto Banter Show host, noted that more BTC is currently moving to strong hands or seasoned investors after he examined the key metric.

Data from the key on-chain metric shows that the share of UTXOs held for 6 to 12 months has now doubled. According to the expert, this notable advancement marks a massive shift in market dynamics.

Following the massive shift, Kyle Doops highlighted that conviction is increasing and supply is becoming more scarce. Such a trend was observed in the past, particularly in 2024. Historically, this kind of setup has preceded a rebound in price, which suggests that the ongoing volatility may be the calm before a major run.

Featured image from Pixabay, chart from Tradingview.com

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Bitcoin is holding firm above the $82,000 level, showing resilience after weeks of volatility. However, the bulls have so far failed to reclaim the critical $88,000 resistance zone, and price action remains indecisive. With no major macroeconomic catalyst in sight, financial markets are caught in a holding pattern, awaiting clarity before committing to a new trend.

Some analysts are warning that Bitcoin could continue its recent downtrend, as global economic conditions remain weak. Trade tensions between the U.S. and China, persistent inflation risks, and fragile investor sentiment are all weighing on broader market activity — including crypto.

According to CryptoQuant data, the Percent Supply in Profit metric shows that approximately 80% of the Bitcoin supply remains profitable, while 20% is currently at a loss. Historically, when this metric rises to 95–98%, the market enters overheated territory, often triggering large-scale profit-taking. The current balance reflects a cooling market, but not yet in full capitulation.

Until Bitcoin breaks above $88K or loses support near $81K-$80K level, traders may continue to see sideways price movement and uncertain momentum in the days ahead.

Bitcoin Holds Firm Amid Trade Tensions

Bitcoin continues to show resilience above the $82K level, but risks remain elevated as global macroeconomic headwinds intensify. Tensions between the United States and China are reshaping global trade expectations, and uncertainty over tariffs and foreign policy continues to weigh heavily on financial markets.

While inflation is gradually declining, the fragility of the US stock market may soon push the Federal Reserve to pivot toward interest rate cuts to avoid an economic downturn. Still, that scenario could take time to develop, and geopolitical dynamics are evolving quickly.

In the meantime, on-chain data suggests Bitcoin’s current market structure may be entering a transitional phase. Top analyst Axel Adler pointed to CryptoQuant metrics and referenced the Pareto Principle — which posits that 20% of causes typically generate 80% of results — to illustrate current market sentiment. At present, 20% of the Bitcoin supply is at an unrealized loss, while 80% remains profitable.

Historically, when the share of coins in profit exceeded 95–98%, markets became overheated and significant profit-taking followed, as shown by the yellow bars in Adler’s chart. After Bitcoin’s all-time high earlier this year, the market cooled and the metric returned to its average range, signaling consolidation rather than capitulation.

BTC Price Faces Resistance Amid Bearish Pressure

Bitcoin is currently trading at $83,600 after failing to reclaim the 200-day exponential moving average (EMA) near the $85,000 mark. This key technical rejection signals growing bearish strength, as bulls struggle to build momentum for a clear breakout. Despite last week’s bullish attempt to climb above resistance, the market remains stuck within a wide consolidation range, and sentiment continues to shift cautiously.

For now, the $81,000 support level stands as the most important line of defense. Holding above this zone is essential to sustain the current consolidation structure and avoid a renewed push toward lower levels. If this support breaks, Bitcoin could be exposed to a deeper correction, potentially revisiting the $75,000 range.

On the upside, reclaiming the $85K level and closing firmly above it would be the first step toward a bullish reversal. However, the real confirmation of strength would require a breakout above the $90,000 mark — a level that would indicate renewed buyer conviction and invalidate the recent downtrend.

Until then, Bitcoin remains in a neutral-to-bearish zone, with both macroeconomic uncertainty and technical resistance keeping bulls on the defensive.

Featured image from Dall-E, chart from TradingView 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Macroeconomic uncertainty is keeping Bitcoin (BTC) in a tight price range as liquidity continues to contract due to declining speculative interest and trading volumes, according to the latest “Bitfinex Alpha” report.

The firm said that large investors’ interest needs to return to push Bitcoin out of its current range. It highlighted that Bitcoin briefly gained momentum after opening last week near $82,791, driven by speculation surrounding former President Donald Trump’s speech at the Digital Asset Summit.

However, despite the positive comments, the rally was short-lived, and the event became a “sell-the-news” moment for the market. It temporarily pushed BTC to as low as $81,366 before recovering to close the week up 4.2% following an optimistic FOMC meeting.

Outlook remains gloomy

Despite the modest weekly gain, underlying market indicators suggest waning momentum. The report noted that volatility and liquidity have declined, reinforcing the trend of Bitcoin responding more directly to macroeconomic developments. 

Investors remain divided over the direction of monetary policy, with no consensus on whether the Federal Reserve will adopt a dovish or hawkish stance. This lack of clarity has reduced speculative conviction and heightened Bitcoin’s sensitivity to external policy cues.

One metric reflecting the current market structure is Bitcoin’s “Hot Supply,” a measure of liquid capital defined by weekly-moving coins. After peaking in December 2024, Hot Supply has contracted from 5.9% to just 2.8% of the total circulating supply. 

This more than 50% reduction highlights a broad decline in short-term trading activity and market participation, suggesting a retreat of speculative capital and increasing investor caution. Investors are transacting fewer coins, and active trading behavior has declined.

Historically, such reductions in liquid supply tend to precede long-term market bottoms, though the report refrains from offering forward-looking statements beyond the current environment.

In tandem, Bitcoin exchange inflows—a proxy for near-term trading intent—have dropped from 58,600 BTC per day in December to 26,900 BTC, based on a 14-day rolling average.

This marks a 54% decline in coins sent to exchanges, reinforcing the broader trend of subdued market activity. Outside a brief break in range-bound trading toward the end of February, which saw BTC fall below the $91,000–$102,000 corridor, exchange-related flows have steadily declined.

Liquidity conditions

The alignment between falling Hot Supply and reduced exchange inflows indicates weakened demand-side pressure.

As traders send fewer coins to trading platforms, the likelihood of near-term selling diminishes, suggesting that market participants are adopting a wait-and-see approach.

This dynamic reflects a broader risk-off sentiment, with investors refraining from actively deploying capital without clear macroeconomic signals. 

The reduced flow of capital into the trading ecosystem suggests that institutional and retail players alike are reluctant to initiate new positions without greater conviction.

Bitcoin’s price continues to be shaped more by shifts in liquidity conditions and global economic sentiment than by endogenous crypto market developments.

The contraction in liquidity and decline in speculative behavior are key indicators of the current cautious stance across the digital asset market.

Mentioned in this article

The weather’s been getting cooler here in the US where I live — some days, at least. The weather’s been a little wonky lately. And there have been other things happening in the country that make me want to spend less time in the real world and more time in a virtual one. So it makes sense that registered users and land area both went up in the public OpenSim grids.

What’s more surprising is that the total active numbers went down — by more than 2,700 users.

Sure, Moonrose, which reported over 900 active users last month, seems to be having website issues and did not publish its stats this month. In addition, Vida Dupla, which had 375 actives last month, did not report its active user numbers this month. And Great Canadian Grid, which had over 600 actives last month, is now closed.

But several grids also reported significant drops in active user numbers. OSgrid reported a drop of more than 800 actives compared to last month, Craft World saw a drop of over 200, and five grids lost more than 100 actives each.

So there’s something going on beyond just a grid closure and some reporting issues.

Maybe everyone went out partying for Halloween and spent less time in-world? Or maybe other people like the cooler weather and are enjoying the fall leaves and brisk walks while wearing cozy sweaters?

Nope! According to reader Paul Clevett, from Wolf Territories, OSgrid is down for maintenance. And I found the announcement. Thanks, Paul, for the heads up!

Apparently, OSgrid is currently offline, and has been since November 7, because it’s storage cluster was running out of space.

“OSgrid has 17 years of data which is approx several hundred million assets,” the announcement said. And it gets worse. The grid stores both the asset data and a redundant copy, but they’re not stored at the actual size — every asset looks bigger than it actually is.

To fix the problem, the grid’s storage needs to reconfigured, which involves moving millions of assets and scrubbing out the phantom extra space to free it up again. Doing this while people are using the grid would create a bad user experience, so they put it into maintenance mode during the bulk of the work.

The bad news is that they don’t know how long it’s going to take. The good news is that they don’t expect any assets to get lost.

Anyway, I am now tracking a total of 2,677 public grids, of which 295 were active this month and 232 published their statistics. If you have a stats page that we’re not tracking, please email me at maria@hypergridbusiness.com — that way, your grid will be mentioned in this report every month, for additional visibility with both search engines and users.

This month, OSgrid was the largest grid by land area, with 32,867 standard region equivalents, even though it lost more than 2,000 regions, while Wolf Territories Grid was the most active, with 7,379 unique logins over the past 30 days.

Our stats do not include most of the grids running on DreamGrid, a free easy-to-use version OpenSim, since these tend to be private grids.

OpenSim is a free, open-source, virtual world platform, that’s similar to Second Life and allows people with no technical skills to quickly and cheaply create virtual worlds and teleport to other virtual worlds. Those with technical skills can run OpenSim worlds on their servers for free using either DreamGrid, the official OpenSim installer for those who are more technically inclined, or any other distribution, while commercial hosting starts at less than $5 a region.

A list of OpenSim hosting providers is here. Download the recommended Firestorm viewer here and find out where to get content for your OpenSim world or region here.

Hypergrid Business newsletter is now available

Every month on the 15th — right after the stats report comes out — we will be sending out a newsletter with all the OpenSim news from the previous month. You can subscribe here or fill out the form below.

Top 25 grids by active users

When it comes to general-purpose social grids, especially closed grids, the rule of thumb is the busier the better. People looking to make new friends look for grids that already have the most users. Merchants looking to sell content will go to the grids with the most potential customers. Event organizers looking for the biggest audience — you get the idea.

Top 25 most popular grids this month:

1. Wolf Territories Grid: 7,379 active users
2. OSgrid: 4,046 active users
3. GBG World: 2,498 active users
4. DigiWorldz: 2,190 active users
5. Alternate Metaverse: 2,058 active users
6. Darkheart’s Playground: 2,011 active users
7. WaterSplash: 1,497 active users
8. Trianon World: 1,092 active users
9. Neverworld: 1,042 active users
10. AviVerse AlterEgo: 1,020 active users
11. AviWorlds: 994 active users
12. Astralia: 867 active users
13. Littlefield: 861 active users
14. Party Destination Grid: 822 active users
15. AvatarLife: 672 active users
16. Groovy Verse: 605 active users
17. Eureka World: 595 active users
18. NakedWorldz: 576 active users
19. SunEden Resort: 553 active users
20. Gentle Fire Grid: 514 active users
21. Herederos Grid: 494 active users
22. Kitely: 462 active users
23. ZetaWorlds: 452 active users
24. Jungle Friends Grid: 434 active users
25. New Life Italy: 434 active users

Online marketplaces for OpenSim content

There are currently 20,973 product listings in Kitely Market containing 41,105 product variations, 35,866 of which are exportable.

Kitely Market has delivered orders to 632 OpenSim grids to date.

As you can see in the above chart, nearly all the growth in Kitely Market has been in content that can be exported to other grids — that is the green area on the graph. The red area, of non-exportable content, has stayed level for the past eight years.

The Kitely Market is the largest collection of legal content available in OpenSim. It is accessible to both hypergrid-enabled and closed, private grids. The instructions for how to configure the Kitely Market for closed grids are here.

Kitely also announced support for PBR materials and larger textures earlier this month.

New grids

I added one new grid to my database this month: NakedWorldz.

If you know of any public grid that we’re missing, please email me at maria@hypergridbusiness.com.

Suspended grids

The following nine grids were suspended this month: Angel Grid, Ares World, Binders World, Cajun Grid, DreamNation, Ghost Area, Homeland, KubwasWelt, and Nosso Lar.

If they don’t reappear online again soon, they will be marked as closed in future reports.

Sometimes, a grid changes its login URI or website address — if that’s the case, email me and let me know and I’ll update my database.

Top 40 grids by land area

All region counts on this list are, whenever available, in terms of standard region equivalents. Active user counts include hypergrid visitors whenever possible.

Many school, company, or personal grids do not publish their numbers.

The raw data for this month’s report is here. A list of all active grids is here. And here is a list of all the hypergrid-enabled grids and their hypergrid addresses, sorted by popularity. This is very useful if you are creating a hyperport.

You can see all the historical OpenSim statistics here, including polls and surveys, dating all the way back to 2009.

• OSgrid: 32,867 regions
• Wolf Territories Grid: 29,987 regions
• Kitely: 18,126 regions
• ZetaWorlds: 13,032 regions
• Alternate Metaverse: 10,437 regions
• Groovy Verse: 8,756 regions
• Virtual Vista Metaverse: 6,217 regions
• DigiWorldz: 3,515 regions
• CandM World: 2,094 regions
• Discovery Grid: 1,714 regions
• Tag Grid: 1,465 regions
• Shoalwater Bay: 1,104 regions
• Friends Grid: 1,040 regions
• Simation Grid: 1,024 regions
• ArtDestiny: 961 regions
• GBG World: 961 regions
• Virtual Worlds Grid: 914 regions
• AviWorlds: 818 regions
• Craft World: 711 regions
• Kinky Haven: 669 regions
• AvatarLife: 597 regions
• Littlefield: 478 regions
• Furry World: 373 regions
• Neverworld: 372 regions
• Virtual Worlds Zone: 364 regions
• Darkheart’s Playground: 323 regions
• Nemesis 3D: 305 regions
• EdMondo: 300 regions
• Open Virtual Worlds: 229 regions
• MisFitz Grid: 213 regions
• Counter Earth: 199 regions
• Kater and Friends: 198 regions
• Japan Open Grid: 197 regions
• Adreans-World: 161 regions
• Utopia Skye: 156 regions
• XTalent: 142 regions
• GerGrid: 141 regions
• WestWorld Grid: 126 regions
• Outworldz: 126 regions
• Logicamp: 120 regions

Do you know of any other grids that are open to the public but that we don’t have in our database? Email me at maria@hypergridbusiness.com.

Hypergrid Business editor and publisher Maria Korolov is a science fiction novelist. During the day, Maria Korolov is an award-winning freelance technology journalist who covers artificial intelligence, cybersecurity and enterprise virtual reality. See her Amazon author page here and follow her on Twitter, Facebook, or LinkedIn, and check out her latest videos on the Maria Korolov YouTube channel. Email her at maria@hypergridbusiness.com. Her first virtual world novella, Krim Times, made the Amazon best-seller list in its category. Her second novella, The Lost King of Krim, is out now. She is also the publisher of MetaStellar, a new online magazine of speculative fiction.

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