Bitcoin profit-taking cools as spot demand stays weak, Glassnode says

• Bitcoin trades close to $82,000 as weakening spot demand and persistent selling pressure weighed on its price.
• The top crypto's supply in profit fell to 68.2%, while the realized profit-to-loss ratio dropped to 41.8%, suggesting reduced profit-taking.
• Bitcoin faces potential volatility as options expire, with broader equity deleveraging threatening a further decline.

Glassnode says Bitcoin (BTC) selling pressure has eased but spot demand stays weak near $82,000. Supply in profit fell to 68.2% as options expiry looms.

Bitcoin selling pressure eases, but spot demand remains weak

Blockchain analytics firm Glassnode shared in a Monday report that Bitcoin selling pressure has eased, but spot market demand remains weak, leaving the cryptocurrency without a clear catalyst for recovery.

Glassnode revealed that spot cumulative volume delta (CVD) declined 24.7% over the week, moving from -$67 million to -$83.6 million. The further decline suggests that market participants continued to sell on centralized exchanges. Similarly, Bitcoin's price momentum fell 20%, from 45 to 36, approaching the lower boundary of its historical range.

Spot trading volume, however, remained relatively stable, increasing 2.1% from $5.4 billion to $5.5 billion.

“This steady turnover suggests that overall market participation remains stable without signalling any sudden exhaustion or breakout attempts from current levels,” Glassnode wrote.

Derivative conditions also showed signs of easing selling pressure, although positioning remained cautious. Glassnode reported that perpetual futures CVD improved 36.9%, rising from -$891.1 million to -$562.7 million.

Despite the recovery, the indicator remained below its lower band, suggesting that aggressive traders continued to favor selling over buying.

Futures open interest slipped marginally from $36.5 billion to $36.4 billion, a decline of 0.3%.

“The metric is positioned in the upper part of its range, indicating that participation remains elevated despite the minor reduction in active contracts across derivatives venues,” the report stated.

Bitcoin profitability declines as profit-taking cools

Bitcoin's supply held at a profit has also declined, dropping from 70.1% to 68.2% over seven days, leaving roughly two-thirds of circulating Bitcoin in profit.

Net unrealized profit and loss (NUPL) fell from 10.5% to 9%, reflecting a reduction in paper gains across the market. The realized profit-to-loss ratio also fell to 41.8%, indicating that realized profits declined relative to losses.

Glassnode's data suggests that profit-taking activity has cooled alongside prices, reducing the immediate incentive for profitable holders to sell. However, short-term holders continued to maintain elevated unrealized gains relative to the indicator's historical range.

Meanwhile, traditional investment vehicles are also shifting. QCP analysts noted on Monday that investors have shifted away from semiconductors toward defensive sectors, including healthcare and banking, while the FTSE has outperformed technology-heavy US indexes. However, no confirmed evidence shows institutional capital flowing directly into crypto.

BTC’s implied volatility remains below its one-year average across all maturities, potentially helping keep prices within their current range. QCP warned that this stability could weaken as options positions expire, leaving Bitcoin more exposed to market catalysts.