100% of Bitcoin Wallets in Profit—Euphoria or Exit Signal?

Key Insights:

• 100% of Bitcoin addresses are now holding at a profit as BTC trades above $109,000.
• Major USDC inflow signals strong buying interest amid rising Bitcoin prices.
• Both short- and long-term holders show low profit-taking, similar to past bull cycle trends.

Bitcoin crossed a new milestone as every tracked wallet entered profit while BTC traded above $109,000. This moment echoed previous cycle peaks and indicated strong market momentum backed by rising stablecoin inflows and muted selling activity.

All Bitcoin Wallets in Profit as BTC Reaches New Highs

On May 21, 2025, Bitcoin reached a new high of $109,558, pushing all addresses into profit. This marked the first time since 2021 and 2017 that every wallet held BTC purchased below current prices.

Historically, such readings signaled either peak euphoria or early signs of investor exit. However, exchange data showed the opposite trend. More than $915 million in USDC entered exchanges in recent days, suggesting new buying demand.

CryptoQuant data confirmed that USDC inflows rose sharply in the past few months. These inflows often preceded bullish price moves, as traders positioned capital to buy Bitcoin or other digital assets.

Such actions usually suggest that traders are buying more Bitcoin or other assets, as they first move their stablecoins to exchanges.

Even with prices approaching their highest point, capital is still coming in. Exchange inflows usually happen before prices rise, and the fact that 100% of wallets are in profit shows that the momentum is strong.

SOPR Metrics Indicate Limited Profit-Taking So Far

Additionally, according to the Short-Term Holder SOPR chart, buyers who purchased recently are still keeping their coins.

As the SOPR is close to 1, it means that people are selling their coins but for breakeven or little gain. In 2024, SOPR peaked in March-April and again during December and January, suggesting a lot of people were selling their Bitcoin for profit.

The Long-Term Holder SOPR on the other hand has not seen significant spikes, which is different from what we saw during previous market drops.

It shows similar trends to those seen after July 2021, when holders stayed put during the price discovery process. Both those who bought Bitcoin recently and those who held it for a long time have not indicated they are in a hurry to sell.

Furthermore, there have been no red vertical lines on the chart, which in the past signaled a bearish reversal. The moving averages are both above 1 which indicates that while profits are being made, they are not yet at the level seen at cycle tops.

Price Levels to Watch as Bitcoin Enters Price Discovery

Since Bitcoin is at a record high, people in the market are looking at the next possible resistance points. Ali Charts indicates that the upcoming important targets are $116,000, $126,000, $136,000 and $148,000.

The recent move above $106,000 is being driven by strong upward movement. In the two months after hitting $76,000 in March 2025, Bitcoin has risen by over 40%.

There is no sign yet that this movement is running out of steam based on SOPR or profit-taking data.

Despite all wallets being profitable, the market has not started to see widespread selling. In the past, bull markets showed a structure similar to what we see now before they reached their highest points.

At present, prices might rise more if sellers are resisted and stablecoin inflows help maintain demand.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.