---
title: "Glassnode Maps Support, Warns of Underpriced Volatility"
url: https://diffcoin.com/glassnode-maps-support-warns-of-underpriced-volatility/
description: "Glassnode has flagged $97,600 as a key support for BTC. Holding above it keeps the cryptocurrency's bullish structure intact."
published: 2025-06-11
updated: 2025-06-11
author: "Mila"
site: "Diffcoin"
---

# Glassnode Maps Support, Warns of Underpriced Volatility

Bitcoin (BTC) is once again knocking on the door of its all-time high (ATH), trading around $109,500 early Wednesday, a mere 2% shy of its $111,800 peak set nearly three weeks ago.

Yet beneath the surface of this upward momentum lies a market defined by compressed volatility, long-term holder profit-taking, and a growing divergence between futures and on-chain sentiment.

## Long-Term Holders Cash In, But Supply Stays Sticky

Glassnode’s latest Week On-Chain report outlines how BTC recovered from a local low of $100,400, where demand re-emerged after a brief but sharp 9% drawdown.

According to the analytics platform, this dip rattled investor confidence, with the Fear and Greed Index momentarily entering “Fear” territory. However, the lack of mass panic selling, with only $200 million in on-chain losses realized, showed that capitulation was limited to the newest and most speculative market entrants.

Despite the resilience, Glassnode warned of increased profit-taking activity among long-term holders (LTHs). The cohort locked in a peak of $930 million per day in realized profits, a level historically associated with overheated markets.

Interestingly, this cycle seems to be defying tradition: despite the profit-taking, the proportion of Bitcoin wealth held by LTHs has increased. The report attributed this “unique market dynamic” to intense “maturation and accumulation pressures” overwhelming selling.

A key driver appears to be the spot Bitcoin ETFs and institutional participation, effectively locking up supply in long-term custody and making LTH wealth “significantly stickier.”

Indeed, on Monday alone, six out of eleven U.S. spot Bitcoin ETFs posted $386.2 million in inflows. These signals are also mirrored by recent data from CryptoQuant, which confirmed that U.S. buyers are reasserting dominance, with the Coinbase Premium index hitting a three-month high and the 90-day Cumulative Volume Delta (CVD) flipping green for the first time in four months.

## Critical Levels for the Path Ahead

Looking at the markets, at the time of this writing, BTC had posted an almost negligible uptick of 0.1% in the last 24 hours. Over the past seven days, the gains stand at 3.8%, with the asset up 5.3% for the month. Meanwhile, daily trading volume sits at $34 billion, with a circulating supply nearing 19.9 million BTC.

With Bitcoin perched just below its ATH, the Glassnode report made clear the following technical and on-chain levels:

- Downside Support: The $97,600 short-term holders (STH) cost basis is the critical floor. Holding above it will maintain a bullish structure. However, a break below risks shifting sentiment. Furthermore, strong support lies around the 111 DMA ($92,900) and 200 DMA ($95,400).
- Upside Resistance: Breaking the ATH at $111,814 is the first hurdle. Beyond that, the next major on-chain resistance zone sits at $115,400. Additionally, sparse on-chain volume above current prices suggests a potential “air gap” exists, and if demand is strong enough, a swift move higher could occur once the ATH is surpassed.

However, volatility remains a wildcard, with Glassnode warning of a dense cluster of coins acquired near the current price that could potentially amplify reactions to moves, even as options markets remain oddly subdued. At-the-money implied volatility (ATM IV) has yet to reflect these brewing tensions, potentially signaling underpriced risk.

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