Glassnode: Bitcoin short-term holders are beginning to take profits, but there is still room for pump.

【Glassnode: Bitcoin short-term holders start to take profits, but there is still room for rise】Glassnode stated that Bitcoin short-term holders have begun to take profits. The short-term holder's realized profit (STH Realized Profit) has surged to about 3 standard deviations above its 90-day average, reflecting a significant increase in profit-taking activity. However, in previous cycles, especially during periods when prices rise towards historical highs (ATH), this indicator often rises to above 5 standard deviations. This indicates that to overwhelm the continuously incoming buying demand, a stronger profit-taking pressure is usually required. The rise of Bitcoin back to near historical highs is mainly driven by the spot market, benefiting from strong on-chain accumulation and off-chain capital inflows. Demand primarily comes from spot ETFs and major spot trading platforms like CEX. A key cost support zone has formed around $95,000, coupled with a slowdown in selling pressure, further consolidating the strength of this upward trend. However, the derivatives market still seems to be catching up, with open interest and funding rates not fully keeping pace with the bullish momentum of the spot market. The positions in the options market show a cautious but optimistic attitude, while the futures market currently shows almost no signs of excessive long leverage.