Bitcoin continues to show little upward momentum as it trades below the $110,000 mark. As of the time of writing, the asset is priced at $108,071 after recording a modest 2% gain in the past 24 hours.<\/p>\n
Despite nearing its all-time high in recent weeks, Bitcoin appears to be caught in a holding pattern as institutional rebalancing and on-chain dynamics take center stage. Recent analysis<\/a> by CryptoQuant contributor Kripto Mevsimi has drawn attention to unusual on-chain activity during the final days of June.<\/p>\n In a post titled \u201cWhale Profit-Taking and Loss Realizations: Was Late June a Local Pivot Point?\u201d the analyst noted conflicting behaviors<\/a> among Bitcoin whales.<\/p>\n A notable $641 million in realized profits was recorded alongside more than $1.24 billion in realized losses, a combination that suggests a potential inflection point in market sentiment.<\/p>\n Mevsimi emphasized that this mixed realization trend came at the close of the second quarter, a period often associated with institutional portfolio adjustments<\/a>. \u201cStructurally, late June is also the end of H1, when ETFs and institutional funds often rebalance portfolios,\u201d he wrote.<\/p>\n Mevsimi added: \u201cThat timing adds weight: this wasn\u2019t just noise \u2014 it may have been a deliberate repositioning.\u201d Notably, these large movements in realized profit and loss did not extend into early July, which may imply either a temporary stabilization<\/a> or the beginning of a new market phase.<\/p>\n The report also detailed divergent whale behavior. Newer whales, likely short-term participants entering in Q2, showed signs of capitulation, realizing both profits and significant losses. In contrast, older whales locked in $91 million in profits with negligible losses.<\/p>\n This division may indicate a shift in control, with experienced holders offloading risk while short-term players exited amid market uncertainty. According to Mevsimi, the convergence of these trends hints at a local exhaustion phase rather than a continued rally.<\/p>\n In a separate analysis<\/a>, CryptoQuant\u2019s Darkfost explored the unrealized profit profile of Bitcoin long-term holders (LTHs), revealing a downward trend despite BTC\u2019s proximity to record highs.<\/p>\n Citing the Market Value to Realized Value (MVRV) ratio, Darkfost noted that average unrealized profits have fallen to around 220%. This is well below the peaks recorded during market tops<\/a> in March and December 2024, which reached 300% and 350%, respectively.<\/p>\n \u201cAlthough these profits may seem substantial, we\u2019re still far from the levels observed during the tops of this cycle,\u201d Darkfost stated. The realized price for LTHs now stands at approximately $39,000, suggesting a strong cushion but also reinforcing that speculative excess has yet to return in full force<\/a>.<\/p>\n The analyst added that a return to top-cycle unrealized profit levels would require BTC to rise to around $140,000, a target echoed by several bullish forecasts.<\/p>\n Featured image created with DALL-E, Chart from Tradingview<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin continues to show little upward momentum as it trades below the $110,000 mark. As of the time of writing, the asset is priced at $108,071 after recording a modest 2% gain in the past 24 hours. Despite nearing its all-time high in recent weeks, Bitcoin appears to be caught in a holding pattern as […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-77918","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/77918"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77918"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/77918\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Institutional Rebalancing and Local Exhaustion Signals<\/h2>\n
Bitcoin LTH Unrealized Profits and Historical Context<\/h2>\n