Bitcoin Shrugs Off Largest Selling Event — Is the Worst Yet to Come?

Over the weekend, bitcoin (BTC) faced the largest single sell-side event in its history. Fortunately, the leading cryptocurrency weathered the storm considerably well. However, it still faces a risk of more intense selling pressure in the weeks to come.

According to a report by Glassnode, the sell-side pressure could be triggered by high unrealized profit levels stemming from bitcoin’s rally to higher prices.

Bitcoin Faces Largest Selling Event

Glassnode said Bitcoin’s Realized Capitalization and liquidity were tested over the weekend after a whale woke up from a 14-year slumber. The early investor distributed approximately 80,000 BTC worth over $9.6 billion through market sales and over-the-counter transactions.

The selling pressure pulled bitcoin’s price below $115,000, before the coin stabilized around $119,000. The event also triggered a spike in the Net Realized Profit/Loss metric, which hit an all-time high of $3.7 billion. Additionally, the Realized Profit/Loss Ratio accelerated sharply to a level only surpassed by 1.5% of trading days. Realized profits have exceeded losses by a multiple of 571.

Despite the intense sell-side pressure, the Bitcoin market has remained stable, with the Realized Cap hovering above $1.02 trillion. The event highlighted bitcoin’s ability to absorb large sell-side volumes, reflecting structural robustness.

More Sell-Side Pressure Looms

Interestingly, the majority of BTC holders are still sitting on unrealized profit – 97% of the total supply is in the green. The total dollar value of the unrealized profits recently reached an all-time high of $1.4 trillion. Such an environment, while bullish, sets the market up for future sell-side pressure should prices continue to rise.

In addition, long-term Bitcoin holders still hold about 53% of the network wealth, representing a huge share of the market. Their market share has remained elevated despite significant distribution so far in this cycle. Glassnode explained that this dynamic shows there may be room for additional distribution among long-term holders as prices rally to new levels. Such development will require greater inflows of demand to avoid intense sell-side pressure.

Meanwhile, BTC may remain between the $105,000 and $125,000 range until a breakout occurs. If positive, the asset could rally to the $141,000 region, which will present the next major resistance zone. Here, there will be more profit-taking, and selling may intensify rapidly. It remains to be seen how well BTC will handle the pressure at that level.