Bitcoin investors with long-term positions are realizing profits at levels not seen in nearly a decade, according to blockchain analytics firm Glassnode.

Data from the firm shows that long-term holders have realized roughly 2.37 million BTC in profit during the ongoing 2024–2025 cycle. At current prices, that equates to about $260.7 billion.

This is the highest realized profit since the 2016–2017 bull run, when long-term investors booked gains of approximately 3.93 million BTC.

Glassnode noted that the sharp increase in realized gains illustrates growing sell-side pressure. The firm suggested that investors appear to capitalize on Bitcoin’s recent rally by reducing their exposure to the top crypto after months of sustained upward momentum.

Over the past year, Bitcoin has steadily climbed to new highs, peaking at $124,167 on Aug. 14, according to CryptoSlate’s data. The asset was trading at $110,761 at press time, down nearly 11% from that record.

This pullback suggests that profit-taking has become widespread, consistent with prior cycles, in which strong rallies were often followed by quieter, less aggressive phases of market activity.

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The broader cryptocurrency market has shifted into a heightened bearish phase, causing Bitcoin to drop from its current all-time high of $124,000 to the $117,000 threshold. While bearish pressure is building, indicators such as Bitcoin’s supply dynamics are providing insights about the current state of the market and investors’ sentiment.

What Bitcoin Supply Data Says About The Market

Bitcoin’s price has fallen sharply after reaching a new all-time high on Thursday, which has sparked speculation about the current state of the market. Amidst the growing speculations, Boris, a crypto trader and on-chain expert, has provided a detailed analysis of the current state of BTC’s market, using the supply dynamics.

Bitcoin supply patterns are currently painting a vivid picture of investor behavior, accumulation tendencies, and possible price direction, as well as the market’s health. Boris’ examination of the supply dynamics hinges on the behavior of long-term holders and short-term holders.

As Bitcoin rose to its all-time high, supply dynamics revealed a stark divergence between these different groups of investors. Presently, long-term BTC holders are steadily offloading their holdings while short-term BTC holders are persistently accumulating the asset at a rapid rate.

This divergence in sentiment between the groups indicates that the market is currently in a post-all-time high stress test. A post-all-time high stress test reflects a phase where the boundaries of market resiliency and investor belief are being tested.

With short-term holders holding strong and long-term traders responding aggressively to price fluctuations, the present phase is determining whether BTC can maintain its value and momentum following the recent high. 

Data shows that long-term holders’ supply saw a drop from 15.50 million BTC to 15.28 million BTC, which is an indication of profit-taking. Meanwhile, the supply of short-term holders rose from 4.38 million BTC to 4.61 million BTC, suggesting that the cohort is capitalizing on recent rallies.

According to the on-chain expert, this change demonstrates that STHs followed the trend and increased risk, while LTHs responded to the rally with sales. After a short period, Bitcoin’s price quickly fell back from about $124,000, putting late buyers through a stress test.

Furthermore, Boris noted that the final wave exhibits a classic market pattern where experienced holders limit their exposure and short-term holders accumulate close to the top. Such a development typically signals a loss of momentum.

Short-Term BTC Holders Are Showing Strength

A recent research from Glassnode, a leading on-chain data analytics firm, has also revealed an underlying strength among short-term BTC holders. The platform’s research is solely focused on the Bitcoin Short-Term Holder SOPR Indicator.

Specifically, this key metric tracks whether new investors are selling at a profit or loss. As BTC’s price surges, the metric temporarily dipped below neutral levels, but quickly recovered and rose above neutral. This move, according to Glassnode, shows limited realized losses and indicates that new Bitcoin investors are prepared to protect their cost basis, which is currently close to $112,000.

Featured image from Pixabay, chart from Tradingview.com

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Mobile giant AT&T is preparing to pay millions of dollars to current and former customers to settle a class action lawsuit over a pair of massive data breaches.

A judge has granted preliminary approval for a settlement that will hand $177 million to people affected by the breaches.

The first breach is believed to have happened back in 2019, with hackers stealing sensitive data from 7.6 million current and 65.4 million former customers.

Although AT&T believes the data may have been taken from one of its vendors, the firm has acknowledged that data including customers’ social security numbers, names and dates of birth was exposed.

The second breach happened last year, when hackers breached the company’s Snowflake cloud workspace environment, stealing smartphone call and text metadata of nearly 110 million customers from May of 2022 to October of 2022.

People who can prove they suffered financial damages as a result of the data breaches will likely receive a larger share of the payout.

At time of publishing, affected customers are expected to receive notice of eligibility by mail or email, with the claims process coming in August.

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Bitcoin and crypto bull Tom Lee is offering an explanation for why his predictions on the year-end price of BTC have not come to pass.

In a new note to clients, the co-founder and head of research at Fundstrat says the market has severely undervalued Bitcoin throughout the year, largely due to a “meltdown” in initial coin offerings (ICOs) and an overall downtrend in the global economy.

As reported by Bloomberg, Lee believes that the growing number of crypto wallets and the limited supply of BTC indicate the price of Bitcoin should between $13,800 and $14,800.

“Fair value is significantly higher than the current price of Bitcoin. In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”

In the long run, Lee believes continued adoption of Bitcoin and its institutional adoption as an asset class will move the price of Bitcoin higher.

“If Bitcoin wallets approach just 7 percent of the Visa’s 4.5 billion account holders, fair value would be $150,000 per Bitcoin.”

Lee had initially predicted the price of Bitcoin would reach $25,000 by the end of 2018. In November, he lowered that figure to $15,000. Bitcoin is currently trading at $3,387 at time of writing, according to data compiled by CoinGecko.

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A popular crypto strategist is leaning bullish on one Ethereum (ETH) rival, suggesting the altcoin has reached a market bottom.

Pseudonymous trader Altcoin Sherpa tells his 242,800 followers on the social media platform X that Sonic (S) may be on the verge of breaking out after bouncing off of the 25-day Exponential Moving Average (EMA).

Traders look at the EMA to determine whether an asset’s price is in an uptrend or not. If the price remains above the EMA, then the asset is likely going to remain bullish.

However, he warns that an S uptrend may depend on whether Bitcoin (BTC) stays trading around its current price level. Bitcoin is trading for $87,300 at time of writing.

“I still think that S is a pretty good buy around these levels. I think this legs up as long as BTC is stable. Still a lot of activity on this chain and a bunch of things going for it.”

Sonic is trading for $0.60 at time of writing, flat on the day.

Next up, the trader says that the artificial intelligence (AI)-based meme asset Fartcoin (FARTCOIN) may first decline to the Fibonacci retracement level at $0.47 before breaking out.

However, he says Fartcoin may break out without retesting lower price targets.

“Fartcoin is either consolidating for the next leg or going to be a great buy at $0.47 or something. I don’t know which it is. I’m still in it on a spot trade and will continue watching.”

Fartcoin is trading for $0.55 at time of writing, down 1% in the last 24 hours.

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Have you seen Bitcoin hit around $85,000 recently? It’s been up 2.6% since yesterday, and I can’t stop thinking about what it means for a normal person like me who might want to try mining. It’s wild to think this will be a sweet spot to dive into how particularly expensive Bitcoin can be. I’m wondering if it’s a moment to grab one of the easy to use miners.

I’ve heard that new miners, like these ASICs, are extremely efficient and not even people who are not tech wizards, are not that difficult to set up. When Bitcoin prices rise, it feels like your reward could surpass your electricity bill, at least if you play smartly. I just imagine something set up at home and it looks at the ham and probably stacks up some BTC over time. Is someone else thinking about this or am I just fantasizing here?

Galaxy head of research Alex Thorn believes the GENIUS Act could favor Tether by allowing it to operate under relatively flexible conditions.

Thorn assessed that the bill would open a pathway for Tether to register onshore but would not require it to do so to continue operations.

Limited restrictions for offshore issuers

Based on the bill’s current text, if Tether chooses not to register under the new framework, it would not be violating any laws. 

Under the bill’s current language, the primary restrictions on non-registered stablecoin issuers like Tether would include interbank settlement prohibitions and marketing their tokens as “stablecoins” within the US. 

Thorn said the first restriction is not currently a significant issue for Tether but could impact future adoption in institutional finance. 

The second restriction, which was reportedly introduced as an amendment during a recent Senate Banking Committee session, would prevent Tether from advertising USDT as a stablecoin within the US market but would not stop it from being traded onshore.

The GENIUS Act proposes a regulatory framework for stablecoins, defining rules for issuance and oversight. The regulation includes a 1:1 reserves requirement, consisting of US dollars, insured bank deposits, or short-term Treasury bills.

The Senate Banking Committee approved the bill on March 13 with bipartisan support. It is now clear for a full Senate vote.

Registration pathways

The GENIUS Act appears to provide Tether with a clear option to register as a stablecoin issuer in the US, likely through the Office of the Comptroller of the Currency (OCC). If it chooses this route, Tether could either register USDT fully or create a subsidiary that issues a compliant version of the token. 

However, if Tether does not register, it can still operate in the US if it adheres to compliance requirements set by the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), which it already does.

Thorn added that the bill provides important clarifications regarding anti-money laundering protections. The US Treasury will only designate a foreign, non-registered issuer as non-compliant if it fails to comply with lawful orders to freeze or seize assets. 

This designation would not be automatic for all non-registered stablecoin issuers. Tether has a history of complying with such orders and has frozen at least 2,150 addresses to date, which suggests it would not be at immediate risk of being classified as non-compliant under the GENIUS Act.

Additional restrictions

The analyst also highlighted new amendments to the bill that introduce further limitations on offshore, non-registered stablecoins. 

Specifically, stablecoins issued by entities not registered under the framework would not be treated as cash equivalents for accounting purposes.

They would not be eligible for margin or cash equivalency treatment by broker-dealers, swap dealers, futures commission merchants (FCMs), or derivatives clearing organizations (DCOs). 

Thorn reiterated that these measures would limit unregistered stablecoins’ financial and institutional use but would not bar their existence or prevent trading within the US market.

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A closely followed economist thinks that Bitcoin (BTC) may be repeating a similar pattern from last year and still has room to run to the upside.

Alex Krüger tells his 206,800 followers on the social media platform X that Bitcoin’s latest severe correction is similar to when the flagship crypto asset collapsed to range lows in April 2024 before printing a series of rallies.

However, he warns that the uncertainty around US President Donald Trump’s tariff polices remains a big risk for the crypto markets.

“The dominant mood across crypto market participants is ‘it is over.’ For good reason. The Bitcoin dip is large, yet not extraordinary. But across alts the destruction is real. That said, I see this BTC chart as a replica of early 2024. Range lows are meant to be taken out (check the early 2024 range). Do need the Donald not to nuke us. The trigger for the last move down was precisely tariffs news (on Canada and Mexico).”

Krüger also says Bitcoin may still hit lower price targets before rallying.

“BTC is bottom of the range, akin to April 30th, 2024 in my opinion. Maybe we go lower, maybe we bounce. Don’t know, but it’s a good spot regardless.”

He notes that severe Bitcoin corrections occur multiple times a year, and may present buying opportunities.

“One can make a living just from getting good at buying liquidations. We get two-four such liquidations a year.”

The economist previously said that investors should zoom out because he thinks crypto is amid a supercycle, which could include painful Bitcoin pullbacks.

“BTC is stuck in a range, which I think eventually resolves higher. The supercycle theory is intact. Even though it applies to Bitcoin and crypto as a whole (market cap ex BTC and stables is considerably higher), most old alts don’t benefit from it on a sustained basis. Should not expect an insane wave of liquidity driving all cr*p higher for an extended period of time. Be selective.”

Bitcoin is trading for $84,608 at time of writing, down 4.8% in the last 24 hours.

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A widely followed cryptocurrency analyst and trader is leaning bullish on the altcoin market but with a caveat.

The analyst pseudonymously known as Capo tells his 929,300 followers on the social media platform X that altcoins could go up by double-digit percentage points from the current level.

“Expecting altcoins to pump 10%-20% from here.

However, I believe this bounce is a bull trap because a big drop is likely to follow.”

A bull trap is a move designed to lure in retail traders via a fake breakout but instead of continuing to rise, the asset abruptly reverses and moves sharply to the downside.

According to the pseudonymous analyst, altcoins could bottom out and start a bull run once the potential downtrend is over. Based on Capo’s chart, it appears that Bitcoin (BTC) could simultaneously fall to a support zone between $79,000 and $86,000 before rallying to more than $112,000.

Bitcoin is trading at $97,460 at time of writing.

The widely followed analyst also offers his outlook on Solana (SOL). Based on the pseudonymous analyst’s chart posted to his 118,822 Telegram subscribers, it appears he’s suggesting that Solana could fall to the support level of around $130 to $150 before skyrocketing to a new all-time high price of over $300.

Solana is trading at $175 at time of writing.

Next up is the Ethereum (ETH)-based synthetic US dollar protocol Ethena (ENA). According to Capo, Ethena is primed to rally in a series of waves after bouncing off the main support level at around $0.40. Based on the pseudonymous analyst’s chart, it appears he’s suggesting that Ethena could rally and revisit the all-time high price of around $1.52.

Ethena is trading at $0.413 at time of writing.

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