Profit-Taking and Lack of Demand
According to Glassnode data, long-term investors have recently sold nearly 3.4 million Bitcoins at a profit. Meanwhile, capital inflows into American BTC ETFs have significantly decreased. This combination suggests a possible market exhaustion.
“With many investors betting on a fourth-quarter rally, a correction would be the biggest surprise,” warns Markus Thielen from 10x Research. The risk is that stop-loss orders could trigger a new wave of selling.
Mixed Signals for BTC
Other indicators are sending mixed signals. The Spent Output Profit Ratio (SOPR) at 1.01 indicates selling pressure, while the NUPL index for short-term investors approaches the neutral zone, foreshadowing potential liquidations.
Glassnode emphasizes that the risk of a further correction remains high in the absence of renewed institutional and retail demand. As long as BTC doesn’t sustainably break through $115,000, uncertainty will persist.
Despite these signs of fatigue, some players remain optimistic. Michael Saylor of MicroStrategy maintains hope for a Bitcoin rally in Q4, once macroeconomic headwinds ease.
At the time of writing, BTC was trading at $109,602, down 6.34% over the week. Investors remain cautious about the possibility of an imminent correction.
