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Analysis: After the sale by the "Ancient Whale" of 80,000 BTC, 97% of the circulating supply is still in a profitable position
BlockBeats News, July 30th, glassnode published an analysis article regarding last weekend's "80,000 BTC Ancient Whale" sell-off, pointing out that despite the sell-side volume reaching as high as $9.6 billion, the market effectively absorbed the selling pressure, leading to a price drop to $115,000, followed by a brief stabilization at $119,000, slightly below the all-time high.
The analysis states that even after this large-scale distribution event, the unrealized profit held by market participants remains substantial. Currently, the accrued on-chain profit exceeds $1.4 trillion, with 97% of the circulating supply still in profit.
According to multiple on-chain valuation models, the Bitcoin price is still fluctuating between $105,000 and $125,000. If decisively breaking out of this range, it may trigger a rally to $141,000. Considering the high expected unrealized profit at this price level, selling pressure may further intensify in this area.
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