Key Takeaways
Bitcoin shows strong resilience, with 91% of supply in profit despite sell-side dominance. Meanwhile, NVT weakness and $111K liquidation clusters highlight short-term volatility and directional risks.
Bitcoin’s [BTC] recent correction has left only 9% of supply in loss, with 91% still in profit, reflecting one of the strongest resilience levels in Bitcoin’s history.
In comparison, past cycle bottoms in 2015 and 2018 saw nearly 50% of supply underwater, a stark difference that highlights the current market’s structural strength.
Unlike those painful drawdowns, today’s dip reveals shallow realized losses and stronger conviction among holders.
Therefore, the retracement appears less like a breakdown and more like a healthy reset in a broader uptrend, even as short-term indicators point to selling pressure.
Spot taker CVD highlights dominant sell-side activity
Spot Taker CVD data, which tracks cumulative market order imbalances, shows dominant selling pressure from takers.
Over the past ninety days, Taker Sell Volume has outweighed buying activity. This reflects cautious sentiment among short-term market participants.
These traders are actively reducing exposure after Bitcoin’s rally toward the $110K level, seeking to lock in profits before volatility increases.
However, the impact of taker selling appears limited compared to the deeper drawdowns seen in past cycles.
Therefore, while immediate price action could remain under pressure, longer-term holder resilience continues to provide a floor that cushions against sharp declines.
Source: CryptoQuant
