BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week
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Bitcoin (BTC) is trading steadily above the $105,500 mark as the Asian trading day gets underway on Wednesday. This comes after a slight correction from the $107,000 level it held during US business hours. Despite the significant geopolitical upheaval of the past few weeks, including a US strike on Iran that surprised both geopolitical experts and prediction market bettors, Bitcoin has once again demonstrated its resilience as a store of value. CoinDesk market data shows that the asset class has remained remarkably stable over the last month, up a modest 1%. A disciplined climb: HODLers stand firm However, this return to a price point that is within striking distance of Bitcoin’s all-time high of nearly $111,000 (hit in May) feels different this time, according to market observers. It’s characterized by a sense of discipline rather than the euphoria that often accompanies bull runs. Unlike the breakout above $100,000 in December 2024, which triggered a significant wave of profit-taking, long-term investors now appear content to sit on their unrealized gains. This observation is supported by analysis from Glassnode in their weekly note. “HODLing appears to be the dominant market mechanic,” the Glassnode analysts wrote. They pointed to a surge in the supply held by long-term holders, which has now reached 14.7 million BTC, coupled with historically low levels of realized profits. This on-chain activity strongly indicates a limited desire to sell, even as Bitcoin trades just below its record highs. Further reinforcing this narrative of restraint, metrics such as the adjusted Spent Output Profit Ratio (aSOPR) are hovering just above the breakeven point, according to Glassnode. This suggests that the coins currently being spent are, for the most part, recent acquisitions involved in tactical trades rather than representing a broad distribution or sell-off by long-term holders. Meanwhile, Glassnode data also shows…
Filed under: News - @ July 2, 2025 3:23 am