Bitcoin surpases $115.7K as Long-Term Holders Secure 76% Supply and Derivatives Surge

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.

Long-Term Holders Show Conviction

Cas Abbé noted in a market update that 76% of Bitcoin supply is now controlled by long-term holders. This level of conviction has not been observed in years, creating what analysts often describe as a rock-solid base.

The Net Unrealized Profit/Loss (NUPL) metric currently stands at 0.54, placing the market in the optimism phase. This indicates that investors remain profitable but are not yet in a euphoric stage, leaving space for additional growth.

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 large entities.

On-Chain Activity Cooling Ahead of Expansion

The same update highlighted a decline in on-chain participation, with active addresses dropping by 6%. Adjusted volume also fell 26% to $17.3 billion. This softening has been framed as consolidation rather than decline.

Periods of lower activity often set the stage for stronger moves. Cooling phases tend to reset short-term metrics, allowing more sustainable trends to build. Market cycles in previous years have displayed similar behavior before advancing further.

This view suggests that the current slowdown is not weakness, but a pause before renewed momentum. With long-term holders tightening supply, the reduced activity appears to reflect patience rather than exit.

Derivatives Market Shows Rising Participation

Open interest across Bitcoin derivatives has climbed to $79.8 billion, reflecting steady inflows from traders positioning for movement. Abbé described both short-term and long-term setups as leaning toward a bullish direction.

Liquidation data supports this trend. Short liquidations reached $49 million compared to only $3 million from longs, showing the market continues resisting upward pressure. Historically, such conditions have added fuel to upward continuation.

Combined with cautious sentiment, these developments present a market where conviction remains high. Supply is locked, speculators are returning, and conditions are forming that often precede major expansions in price.

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