“Long-Term Holders Trigger Pullback, Stalling Bitcoin’s Uptrend.”

Bitcoin Retreats Below $117K as Investors Take $3.5B in Profits

July 15, 2025

Bitcoin pulled back sharply on Monday, as investors locked in significant profits and a lack of trading history in key price zones left the market prone to swift moves.

Profit-Taking Drives Sell-Off

Bitcoin (BTC) slipped from its new all-time high of $123,000 to below $117,000, marking a 5–6% decline following a robust weekend rally. According to data from Glassnode, traders collectively realized $3.5 billion in profits in just 24 hours — one of the largest profit-taking events so far this year.

Of that total, 56% came from long-term holders — investors who’ve held their bitcoin for more than 155 days — indicating that even seasoned market participants decided it was time to secure gains.

Thin Supply Zone Adds Risk

Bitcoin’s rapid ascent from $108,000 to $123,000 has left a supply gap between $110,000 and $116,000 — an area where little trading occurred. This low-volume zone makes the market vulnerable, as prices can swing quickly without solid support.

Insights from Glassnode’s UTXO Realized Price Distribution (URPD) shed light on this vulnerability. URPD maps where bitcoin was last transacted, revealing price levels with concentrated supply. The entity-adjusted version refines this view by filtering out internal transfers and coins held on exchanges, offering a clearer picture of true investor positions. The data confirms there’s minimal BTC volume in the $110K–$116K range, suggesting limited support if prices dip further.

Outlook

Bitcoin remains in bullish territory overall, but the combination of heavy profit-taking and a thin supply layer below current prices has increased the potential for volatile swings. Market participants will be watching closely to see if fresh demand emerges to stabilize prices above key levels — or if further selling pushes BTC back toward the lightly traded zones.

Despite the recent dip, sentiment around bitcoin’s longer-term prospects remains strong, with many investors still viewing corrections as opportunities in an ongoing uptrend.