A significant majority of Bitcoin’s circulating supply is now in profit, a development that analysts suggest could signal a market nearing a euphoric phase and potentially increased risk. Data from on-chain analytics firm Glassnode indicates that as the price of the leading cryptocurrency surpassed $117,000, over 95% of all available Bitcoin returned to a profitable state.
This level of widespread profitability is often associated with market “euphoria” phases. During such periods, a large number of investors holding assets at a profit may become inclined to realize their gains. This accelerated profit-taking can consequently heighten market volatility and introduce new levels of risk for participants.
Further signaling potential shifts in market dynamics, a substantial amount of long-dormant Bitcoin has recently been moved. An expert under the pseudonym Maartunn, associated with CryptoQuant, reported that approximately 32,322 BTC, valued at around $3.93 billion, were withdrawn from wallets that had remained inactive for three to five years. This marks the most significant movement of such old coins in 2025. Additionally, on October 7, 2025, a large holder, with Bitcoin reserves exceeding $10 billion, transferred 3,000 BTC to the Hyperunit platform. Such large-scale movements from significant holders often spark debate within the cryptocurrency community regarding their implications for future market trends.
The recent surge in Bitcoin’s value has also been contextualized by broader economic events. QCP Capital previously noted that Bitcoin has been exhibiting characteristics of a safe-haven asset, particularly in response to the U.S. government shutdown. At the time of reporting, Bitcoin was trading near the $123,000 mark.
Former Wall Street analyst turned crypto journalist, Marcus brings a decade of expertise in trading strategies, risk management, and quantitative research. He writes clear, actionable guides on technical indicators, portfolio diversification, and emerging DeFi projects.