Bitcoin holders have reached a record $1.4 trillion in unrealized profit as of late July 2025, according to data from onchain analytics platform Glassnode.

“This massive paper gain concentration sets the stage for potential future distribution pressure if prices continue higher,” noted Glassnode on X. 

Despite large recent sell-offs by some major holders, including an 80,000 BTC sale worth about $9.6 billion, the market has remained stable and most investors are holding rather than realizing these profits.

This story is an excerpt from the Unchained Daily newsletter.

Bitcoin dipped briefly below $116,000, touching an intraday low of $115,800, before tracking higher on Wednesday. The leading digital asset gained momentum above $118,000 after an interest rate decision from the U.S. Federal Reserve.

The central bank opted to hold its benchmark interest rates at a target range of between 4.25% and 4.50%.