Bitcoin has crossed $115,700, but the story runs deeper than the number on the chart — www.naijnaira.com reports.
Data from Glassnode shows 76% of Bitcoin’s total supply is now held by long-term investors, creating one of the firmest bases in recent years.
This locked-up supply reduces immediate sell pressure and adds scarcity, a condition that often supports higher price levels over time.
“76% of BTC supply is now held by long-term holders. That’s the strongest sign of conviction we’ve seen in years,” said analyst Cas Abbé.
The Net Unrealized Profit/Loss (NUPL) indicator currently sits at 0.54, placing Bitcoin in the optimism zone without signs of euphoric selling.
Historically, this level has marked phases where market conviction builds while profit-taking remains restrained.
Meanwhile, Bitcoin derivatives open interest has surged to $79.8 billion, showing strong speculative involvement.
Short traders have been hit hardest, with $49 million in liquidations compared to just $3 million on the long side.
Despite the bullish backdrop, on-chain activity has cooled, with active addresses dropping 6% and adjusted volume slipping 26% to $17.3 billion.
Such a pullback often signals market consolidation, where volatility settles before the next directional move.
Notably, the top 100 Bitcoin wallets control only 14.9% of supply, reinforcing the idea of wide distribution across the network.
These combined factors — locked supply, restrained sentiment, and rising derivatives activity — suggest stronger structural support beneath Bitcoin’s latest rally.
Article updated 2 weeks ago. Content is written and modified by multiple authors.
