According to glassnode, as the Bitcoin market approached the recent local low of $74,000, more than 5 million BTC were held in an underwater position. However, following the market’s recovery, the number of underwater BTC has decreased to approximately 1.9 million, indicating that over 3 million BTC have returned to a profit state (source: glassnode, May 8, 2025). This large shift in holder profitability signals renewed investor confidence and could lead to increased trading activity and liquidity in the market. Traders should monitor resistance and support levels closely as profit-taking and renewed buying may drive volatility near current price levels.