Bitcoin (BTC) saw another jittery session on Tuesday as on-chain data from Glassnode suggested fresh but cautious demand entering the market, even while a notable wave of profit-taking pushed some holders to cash out. In a recent tweet, the on-chain analytics firm’s Supply by Investor Behavior metric showed that First Buyers, addresses that recently entered the market, increased their holdings by +1.0% (4.88M → 4.93M BTC) over the past five days.
Moreover, Conviction Buyers climbed +10.1% (933K → 1.03M BTC) over the same period, signs that new and committed buyers are still participating. At the same time, Loss Sellers jumped +37.8% (63K → 87K BTC) and Profit Takers rose +5.4% (1.73M → 1.83M BTC). It is the largest spike in profit-taking this year, indicating some holders have used the pullback to lock in gains.
As of writing this article, the Bitcoin price was trading around $115,425, after a near-4% weekly dip from higher levels earlier this month. That pullback is being described by market participants as a likely consolidation rather than a wholesale reversal, with traders circling key moving averages for signs of renewed buying pressure.
What the On-chain Reads Mean
Glassnode’s behavior map provides a clearer look at who is selling and buying. The rise in First Buyers and Conviction Buyers suggests fresh capital is still flowing in, which is important for any rally to have legs. But Glassnode also noted engagement looks muted compared with April’s surge, which implies that while there is demand, it isn’t yet at the fever pitch necessary for a runaway ascent.
The simultaneous increase in Profit Takers, the largest year-to-date spike, shows many holders are eyeing the opportunity to secure returns after a long bull run. Crucially, Glassnode points out that although Loss Sellers spiked nearly 38%, realized losses remain relatively contained compared with earlier this year, a sign that few investors are capitulating in panic. In other words, selling pressure is real but mostly strategic rather than emotional.
Technical and Macro Backdrop
Technically, the market is testing short-term support around the 50-day EMA, roughly in the $112k–$115k area, where dip buyers have stepped in previously. Some traders see that zone as a reasonable buy-the-dip area; others are cautious until volatility wanes. Short-term analysts point to the EMA and the $110k horizontal as the immediate downside fences, with upside targets still clustered toward the prior highs in the low-to-mid $120k range if momentum returns.
The macro picture remains influential. Investors are parsing signals from central banks (the U.S. Fed’s messaging around rate cuts remains front-and-center) and broader risk-on cues from equity markets, all of which shape flows into risk assets like BTC. Ahead of major policy events such as Jackson Hole, traders often reduce directional exposure, which can mute on-chain engagement despite elevated prices.
Glassnode’s latest behavior breakdown paints a balanced picture: fresh demand exists (First Buyers and Conviction Buyers are up), but it’s not overwhelming; profit-taking is meaningful and has produced the year’s largest spike; and while loss selling has risen sharply in percentage terms, realized losses are not widespread, implying limited panic. Traders will be watching the $110k–$115k support band, macro headlines from central banks, and whether on-chain engagement accelerates back toward the levels seen earlier this year.
