Bitcoin Supply Tightens as Investors Refuse to Sell
Bitcoin investors are holding firm even as profitability rises across the network, according to Glassnode’s July 1 report.
Despite BTC dipping to $99,000 during geopolitical tensions, the $98,300 short-term cost basis held strong—setting up a rebound to $107,000 after a cease-fire, a move analysts call a bullish signal.
With the MVRV ratio showing a 125% average paper profit, many might expect sell pressure—but realized gains have been muted, averaging just $872 million per day. That’s far below peak profit-taking seen earlier this year.
Glassnode data shows long-term conviction is growing. Dormant coins—those untouched for over 155 days—hit a record 14.7 million BTC, and their “liveliness” metric continues to fall, signaling a shift toward long-term holding over trading. Wallets that bought during Bitcoin’s January breakout above $100,000 continue to sit on their holdings, reinforcing the broader trend of investor patience.
On the institutional side, capital flows into spot Bitcoin ETFs remain strong, with a seven-day average of $298 million in net inflows. Combined with stablecoin reserves near their baseline, this suggests a healthy balance of buying power and liquidity. Analysts note that stablecoin capital has steadily rotated into major assets over the past month, pointing to sustained institutional engagement.
Unless a fresh rally incentivizes profit-taking, analysts believe supply will remain tight. With most existing holders reluctant to sell and ETF demand holding firm, the next price surge could trigger the next phase of Bitcoin’s market cycle.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
