Bitcoin Slides Below $117K as Investors Lock In $3.5B in Profits
July 15, 2025
Bitcoin has pulled back from record highs as profit-taking and a thin supply zone contribute to heightened volatility.
Profit-Taking Triggers Pullback
Bitcoin (BTC) fell from its all-time high of $123,000 on Monday to trade under $117,000, marking a 5%–6% drop as traders cashed in gains from the recent rally.
Glassnode data reveals that investors realized a hefty $3.5 billion in profits over the past 24 hours, making it one of the year’s largest profit-taking events. Long-term holders — those who acquired bitcoin more than 155 days ago — accounted for 56% of these realized profits, suggesting seasoned investors are locking in gains.
Supply Gap Heightens Volatility
The rapid climb from $108,000 to $123,000 created a significant supply gap between $110,000 and $116,000, an area where little trading took place. This lack of price history makes the market more vulnerable to sharp price swings if bitcoin revisits this zone.
Insights from Glassnode’s UTXO Realized Price Distribution (URPD) highlight this vulnerability. The metric analyzes the price levels at which current bitcoin holdings were last moved, effectively mapping out where supply is clustered or absent.
The entity-adjusted URPD version further refines the picture by excluding internal transfers and exchange balances, ensuring a clearer view of true market behavior. The data shows minimal BTC volume transacted between $110,000 and $116,000 — leaving that range thinly defended in case of further declines.
Outlook
While bitcoin remains well above recent lows, the combination of significant profit-taking and a thin supply layer below current prices leaves the market susceptible to continued volatility. Traders will be watching to see if fresh demand emerges to support prices above key levels or if further selling pushes BTC back into the sparsely populated price zone.
Despite the pullback, the broader sentiment remains constructive following bitcoin’s impressive run-up. Still, caution is warranted as the market digests recent gains and assesses its next direction.
