Bitcoin has climbed back into the price area that capped gains late last year, yet on-chain data points to a different market setup this time. Glassnode said long-term holders are still taking profits, but at a much slower pace than in 2025, easing one of the main sources of supply pressure during the rally.
Glassnode defines long-term holders as wallets that have held coins for more than five months. Last year, when Bitcoin traded at lifetime highs above $100,000, this group was realizing more than 100,000 BTC in weekly profits, or about $9.62 billion based on the figures cited in the report. That pace has now dropped to just 12,800 BTC per week.
The $93,000 to $110,000 range remains a major sell zone
In its latest note, Glassnode said profit-taking is still active, though far less aggressive than in earlier distribution phases. The timing matters. Bitcoin has risen about 10% over the past two weeks, pushing price back into the historical supply band between $93,000 and $110,000. In recent weeks, long-term holders have already been locking in gains in that range, adding to market supply.
Price behavior since November shows how difficult that area has been. Several recovery attempts lost momentum near the lower edge of the zone, with renewed selling repeatedly stopping Bitcoin from sustaining a broader structural rebound. Glassnode said any wider trend reversal still depends on the market absorbing distribution from long-term holders.
Lower distribution supports upside, but macro risks remain
The slower pace of selling supports the case for Bitcoin to keep pushing toward $100,000. Even so, the report also pointed to external risk. A potential escalation in tensions between the United States and Iran could trigger broader risk aversion across markets and weigh on Bitcoin prices.