Bitcoin is currently trading at $109,500, after an over 4% climb on June 9 to hit a weekly high of $110,600.
The report noted that the 9% drawdown following the June 7 record high of $111,965 resulted in only $200 million in realized losses, which is significantly lower than the prior corrections this cycle.
Most of the exits came from holders with BTC younger than one week, indicating capitulation by recent entrants rather than broad selling across seasoned wallets. Loss-taking by addresses that held Bitcoin for more than three months stood at zero during the move.
Meanwhile, open interest dropped by $2.3 billion, the seventh-largest deleveraging event since 2023. This movement suggested the decline was driven mainly by derivatives liquidation rather than spot distribution.
The price bounced before testing the short-term holder cost basis at $97,600 and stayed above the psychological $100,000 price level.
The report highlighted that holding that band keeps cyclical momentum intact because 41% of trading days since the 2022 bottom have experienced deeper pullbacks.
Long-term holders realized $930 million in profit per day at the recent peak, matching the pace recorded during March’s breakout above $100,000 but still well below the $1.64 billion peak seen in early April.
The realized profit-loss ratio for long-term holders reached 9.4, a threshold exceeded on fewer than 16% of trading days since 2011 and typically associated with euphoria. Meanwhile, the UTXO Realized Price Distribution shows a dense band of coins acquired around $100,000 to $103,000.
Price now sits at the upper edge of that cluster, with relatively light historical volume above it, creating an “air gap” region that may allow rapid moves if demand persists.
Realized Supply Density, which measures the share of supply with a cost basis near the spot price, has increased alongside the recent rally, indicating heightened sensitivity.
Options traders appear unconcerned, as at-the-money implied volatility across both short and long tenors continues to fall, a posture that has preceded volatility spikes in past cycles. The report noted the contrast as a potential setup for larger moves if the price retests the all-time high.
For now, the muted reaction to last week’s decline and the swift recovery above $100,000 leave the uptrend intact and signal that demand absorbed the largest futures-driven shake-out in two months.
