Bitcoin breaks through 118,000 Dollar but selling pressure decreases, long term holders remain on the sidelines = Glassnode

## Significant decrease in sell wall

Despite Bitcoin reaching an all-time high of $118,000, the profit-taking sell-off by long-term holders appears to be limited. According to an analysis released by Glassnode on July 11, the long-term holder unrealized profit and loss (LTH-NUPL) stands at 0.69, which is below the overheating zone of 0.75. In the previous cycle, the number of days above 0.75 was 228, while this time it remains at about 30 days.

Long-Term Holder Unrealized Profit and Loss (LTH-NUPL) is an analytical metric for Bitcoin provided by Glassnode, which indicates the ratio of unrealized profits or losses of coins held by long-term holders (typically addresses holding for more than a year). It is calculated based on the difference between the current market price and the acquisition price of each coin; positive values indicate profits, while negative values indicate losses. This metric helps to understand market sentiment and the stages of price cycles (e.g., bullish, bearish, overheated, etc.), making it an important tool for analyzing the behavioral tendencies of long-term holders and market psychology.

Additionally, the decrease in sell wall pressure can also be confirmed from the inflow volume to exchanges. According to CryptoQuant's analysis on the 11th, the daily inflow of Bitcoin (BTC) to exchanges decreased to 18,000 BTC, the lowest level since April 2015. When Bitcoin first approached $100,000 on November 26, there was an inflow of 81,000 BTC, but it has significantly decreased since then.

The sell wall from large holders has significantly decreased. The daily inflow to the exchange from large transfers of over 100 BTC has dropped from 62,000 BTC on November 26, 2024, to now 7,000 BTC. According to CryptoQuant, the decrease in exchange transfers from large holders is an important indicator of reduced sell pressure.

Altcoin market

A similar trend can be observed in the altcoin market. The daily exchange inflow for Ethereum (ETH) has reached 584,000 ETH, marking the lowest level since October 2024. This is a significant decrease from 1.57 million ETH in February 2025, and the decline in inflow coincided with an 87% increase in Ethereum since the beginning of April.

A more notable change is occurring with XRP. The inflow to Binance is currently 4 million XRP, a sharp decline from the peak of 10 billion XRP on November 23, 2024. At that time, XRP had surged from $0.50 to $1.40 in about three weeks. The inflow from large holders to exchanges has also decreased by 85%, from 1.1 billion XRP in February to the current 169 million XRP.

The number of inflow transactions for altcoins across exchanges has also been at a low level. According to CryptoQuant, the current daily inflow transaction count for altcoins is 21,000, significantly down from the peak of 120,000 in March and December 2024. Typically, the inflow transaction count for altcoins surges after a market rise due to profit-taking sell-offs, which tends to coincide with short-term price ceilings. The current low level suggests that the market's sell wall is limited.