Bitcoin’s recent price action has marked a new milestone in its history. According to the latest on-chain data from analytics firm Glassnode, the average cost basis for short-term Bitcoin holders (STHs) has now crossed the $100,000 mark for the first time ever. This means that on average, those who bought BTC in the past six months paid over $100,000 per coin, a significant psychological and technical level in the market.
Bitcoin cost basis data (screenshot). Source: Glassnode
Short-term holders are typically more sensitive to price changes and tend to react quickly to market volatility. Their cost basis, also called the “realised price,” often acts as a support level in bullish trends. Now that it stands at $100,000, this level could become a strong floor if Bitcoin faces a deeper pullback in the future.
$3.5 Billion in Profits Taken in One Day
Glassnode also reported a surge in profit-taking, with long-term and short-term holders collectively realising around $3.5 billion in profits within a single 24-hour period. This marks one of the largest daily profit events for Bitcoin in 2025 so far.
While both STHs and long-term holders (LTHs) participated, the majority of realised gains came from LTHs, those who have held their BTC for over six months. This is a sign that even seasoned investors couldn’t resist the temptation to lock in gains after Bitcoin’s recent rally to all-time highs.
BTC realized profit data. Source: Glassnode/X
The activity suggests that while belief in Bitcoin remains strong, many investors are capitalising on high valuations, possibly expecting a correction or wanting to rebalance their portfolios.
Profit-Taking Signals Possible Correction Ahead
Glassnode’s Market Pulse report warned that the recent wave of profits may increase the chances of a market pullback. Nearly 99% of the total circulating Bitcoin supply is currently in profit, suggesting a state of “elevated euphoria” among investors. Historically, such conditions often precede market corrections, as more participants are incentivised to sell.
While short-term holder activity is rising slightly, the overall market structure remains stable, with long-term holders still dominating the supply. This provides some reassurance that any dip may be short-lived, especially with strong support building around $100,000.
Whale Movements Add to Selling Pressure
Large Bitcoin holders, often referred to as “whales,” have also joined the trend. One particularly notable move came from a wallet holding 80,000 BTC, which had been inactive for over a decade. This wallet suddenly came to life, with 40,000 BTC transferred to Galaxy Digital, a well-known crypto exchange.
Such large-scale activity typically points to a possible intention to sell, adding further pressure to the market during high-profit windows. While these movements don’t always result in immediate sell-offs, they are closely watched by analysts as potential warning signs of increased market supply.
Bitcoin’s $100,000 cost basis for short-term holders marks a historic development, reinforcing this level as crucial support moving forward. However, with profit-taking activity surging and whale wallets reactivating after years, investors should remain cautious. While the long-term trend remains bullish, the combination of near-universal profits and growing selling pressure suggests that a temporary pullback could be on the horizon.
