Bitcoin long-term holders control 76% of supply, supporting the recent rise above $115,700; NUPL at 0.54 signals a healthy optimism phase while derivatives open interest of $79.8B shows growing market participation without euphoric profit-taking.
76% of Bitcoin supply is held by long-term holders, creating a strong base
NUPL = 0.54, indicating an optimism phase with room to expand
Derivatives open interest at $79.8B and $49M in short liquidations highlight rising speculative positioning
Meta description: Bitcoin long-term holders control 76% of supply; NUPL at 0.54 and $79.8B OI suggest room to run — read key takeaways and on-chain analysis now.
Bitcoin trades above $115.7K as long-term holders secure 76% of supply, NUPL signals optimism, and derivatives open interest reaches $79.8B.
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- Bitcoin’s long-term holders now control 76% of supply, forming one of the strongest bases observed in recent market cycles.
- NUPL stands at 0.54, positioning Bitcoin in the optimism phase with profit-taking low, suggesting the market still has room to expand.
- Derivatives open interest climbs to $79.8B while short liquidations dominate, indicating traders continue resisting the upside despite rising momentum.
Bitcoin has crossed $115,700, but the recent move is not only about price. Market data suggests stronger foundations are forming beneath the surface.
What does 76% supply held by long-term holders mean for Bitcoin?
Bitcoin long-term holders controlling 76% of supply signals a consolidation of coins with a lower likelihood of immediate sell pressure. This high concentration among holders who rarely move coins tends to create scarcity dynamics that can support price appreciation over time.
How does NUPL at 0.54 affect market outlook?
NUPL (Net Unrealized Profit/Loss) at 0.54 places Bitcoin in the optimism phase, where many holders are profitable but not yet euphoric. Historically, this phase allows sustained trend continuation because profit-taking is moderate and conviction remains strong.
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Despite higher price levels, Bitcoin’s ownership structure reflects wide distribution. The top 100 holders control only 14.9% of total supply, suggesting the network remains broadly held rather than dominated by a small number of wallets.
On-chain participation has softened: active addresses are down 6% and adjusted volume fell 26% to $17.3B. These declines are consistent with consolidation, which often precedes stronger directional moves because short-term volatility settles and longer-term trends reassert.
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