Bitcoin investors sit on $1.2 trillion in profits as HODLing dominates: Glassnode

Bitcoin recently climbed back above $107,000, after a brief pullback triggered by geopolitical tensions. The rebound has put majority of investors in the green, but recent data suggests little appetite for selling

According to a July 1 Glassnode report, Bitcoin (BTC) investors are sitting on $1.2 trillion in unrealized profits. This figure comes from the gap between Bitcoin’s $2.1 trillion market cap and its $955 billion realized cap, a metric that values each coin at the last time it moved. 

The trend is largely driven by long-term holders, who now control a record 14.7 million BTC, reinforcing the idea that most investors are simply not interested in selling at current prices. Daily profit-taking among investors has also cooled to under $900 million, significantly below the $2.8 billion and $3.2 billion levels seen during previous peaks. 

Despite last weekend’s drop from $106K to $99K during the Israel-Iran tensions, positive sentiment did not shake. Bitcoin bounced off the short-term holder cost basis of $98.3K, a key support level that often signals broader market direction. The quick recovery held up the positive momentum, keeping most investors in profit.

On-chain records also support the HODLing narrative. The Liveliness metric, which compares spending to holding activity, has continued to decline, a sign that more assets are being held than moved. Similarly, the Sell-Side Risk Ratio has dropped off, showing that realized profit and loss-taking is minimal despite the high prices.

Meanwhile, stablecoin data paints a picture of a balanced market. Buying power looks steady, with no major inflows or signs of panic. Glassnode’s analysis shows that traders view the current price range as fair value, with little urgency to chase higher or dump holdings.

Institutional interest also remains strong. U.S.-listed spot Bitcoin ETFs have continued to attract consistent inflows, with a recent seven-day average of $298 million. The increasing demand adds buying pressure and acts as a tailwind for BTC’s growing $2 trillion market cap.

At the time of writing, BTC is trading just above $107,600, showing a modest uptick over the past 24 hours.