tl;dr
Bitcoin's brief dip to $100,000 strengthened market structure, with minimal realized losses mainly from recent holders. Long-term holders showed no losses and continued to increase their holdings, supported by institutional custody programs. The price remains above the psychological $100,000 level, ...
Bitcoin's brief dip to $100,000 served to strengthen the market structure, with most realized losses limited to recent entrants, while long-term holders saw no losses and continued to accumulate holdings. This dip, largely driven by derivatives liquidation rather than spot sales, maintained momentum above the critical $100,000 psychological support level, preserving cyclical momentum despite the recent volatility.
Long-term holders' supply remains sticky, attributed to institutional custody and exchange-traded fund (ETF) programs that reduce liquidity in the market. This group continues to increase holdings even amidst higher spending, reflecting confidence in Bitcoin's prospects. The realized profit-loss ratio at a peak of 9.4 indicates euphoria levels rarely seen, with a dense cluster of coins acquired near current price levels of $100,000 to $103,000, creating a unique "air gap" that could facilitate rapid price movements if demand persists.
Market indicators demonstrate heightened sensitivity at current prices, with realized supply density rising alongside the rally. Meanwhile, options traders register unusually low implied volatility, historically a precursor to larger price swings. Bitcoin's swift recovery above the $100,000 mark after a futures-driven liquidation event underscores robust investor demand and the continuation of an intact uptrend, signaling confidence in the asset despite recent market turbulence.