According to Alexander Blume, Bitcoin's price stagnation above $100K stems from speculators reducing risk amid geopolitical turmoil while long-term investors accumulate. Glassnode data indicates short-term holders realized $904 million in profits recently, intensifying selling pressure. Markus Thielen added that long-term holders are selling into ETF-driven demand, absorbing inflows and capping gains. Miners offloaded approximately 30,000 BTC in 20 days, as per IntoTheBlock data. Jimmy Yang noted diversification into equities and gold is prompting some holders to divest, with key levels at $102,000 support and $106,000 resistance.

According to glassnode, profit-taking activity among recent Bitcoin (BTC) investors has risen significantly above the statistical average, indicating heightened selling pressure in the market. The Week On-Chain report highlights that, despite this surge in realized profits, historical data suggests that even greater selling intensity may be required to fully satisfy market demand and trigger a broader correction. The analysis details the sources behind the current BTC rally, identifies cohorts responsible for the selling, and outlines potential scenarios that traders should monitor for reversal or continuation signals. For crypto traders, understanding these on-chain dynamics is critical for timing entries and exits, as elevated profit-taking often precedes increased volatility (source: glassnode, May 16, 2025).