Glassnode: Short-term Bitcoin holders are starting to take profits, but there is still room for a rise.

On May 16, Glassnode published an article indicating that Bitcoin short-term holders have begun to realize profits. The short-term holders’ realized profit (STH Realized Profit) has surged to about 3 standard deviations above its 90-day average, reflecting a significant increase in profit-taking activities. However, in previous cycles, particularly during the price climb to all-time highs (ATH), this metric often rises above 5 standard deviations. This suggests that stronger profit-taking pressure is typically needed to overwhelm the continuous demand from buyers. The rise of Bitcoin back to near its all-time high is primarily driven by the spot market, benefiting from strong on-chain accumulation and off-chain capital inflows. Demand mainly comes from spot ETFs and major spot trading platforms like CEX. A key cost support area has formed around $95,000, coupled with a slowdown in selling pressure, further solidifying the strength of this upward trend. However, the derivatives market still seems to be catching up, with open interest and funding rates not fully keeping pace with the upward momentum of the spot market. The options market shows a cautious yet optimistic attitude, while the futures market currently shows no signs of excessive long leverage.