Bitcoin Drops Below $117K as $3.5B in Profits Realized by Long-Term Holders
July 15, 2025
Bitcoin slid from record highs on Monday, triggered by a wave of profit-taking and a lack of market depth in key price zones, leading to a swift 5–6% correction.
Major Profit-Taking Event
Bitcoin (BTC) retreated from its all-time high of $123,000 to trade under $117,000, as traders cashed out gains from the weekend rally. According to Glassnode, investors realized $3.5 billion in profits over the last 24 hours — the largest single-day realization this year.
Long-term holders — wallets that have held BTC for more than 155 days — accounted for 56% of the realized gains, showing that even veteran investors opted to secure profits after the sharp rally.
Supply Gap Magnifies Price Swing
The rapid move from $108,000 to $123,000 left little time for consolidation, creating a supply gap between $110,000 and $116,000, where minimal trading occurred. This thin zone offers little support on the way down and increases the risk of volatile price action.
Glassnode’s UTXO Realized Price Distribution (URPD) data highlights this vulnerability. The entity-adjusted URPD filters out internal transfers and exchange-held coins to show where true investor positions lie. The chart shows a clear dip in unspent bitcoin volume within the $110K–$116K band — a sign that few holders transacted in that range.
Market Outlook
The combination of aggressive profit-taking and weak support between key levels has introduced near-term volatility for bitcoin. If prices continue to decline, the lack of volume in the $110K–$116K range could allow for sharper downside moves.
Still, the broader trend remains bullish. The recent rally has drawn strong interest, and any pullback may offer opportunities for buyers waiting on the sidelines. The coming days will test whether new demand can stabilize the market above $116,000 — or if further correction is in store before the next leg up.
