Bitcoin Near ATH: Profit-Taking Rises, BlackRock Moves $429M to Coinbase

• SOPR data shows investors are averaging 16% profit per coin.
• BlackRock’s BTC transfer signals institutional shift in portfolio strategy.

Bitcoin’s breakout to a recent all-time high has resulted in a noticeable rise in profit-taking activity. According to Glassnode data, the Entity-Adjusted Spent Output Profit Ratio (SOPR) shows investors locking in average profits of +16% per coin. This metric, which adjusts for entities rather than individual transactions, offers a network-wide profitability overview.

Glassnode reports that less than 8% of all Bitcoin trading days have been more profitable, underlining the significance of the current price level. The data suggests a clear shift in market behavior, with more holders opting to realize gains. 

Bitcoin Maintains Uptrend Above $102K Despite Slowing Momentum

Bitcoin remains in a clear uptrend as long as it holds above the $102,000–$104,000 support zone. Technical indicators show a consolidation phase, with the Bollinger Bands narrowing after a recent pullback. The MACD points to weakening bullish momentum, though a bearish crossover has not yet occurred.

The Relative Strength Index (RSI) stands at 53.39, indicating a neutral position—neither overbought nor oversold.

Analysts note that this gives Bitcoin room to resume upward movement if it finds support at current levels. A bounce from the $102K range could renew buyer pressure and sustain the uptrend seen since April.

BlackRock Transfers Over 4,100 BTC to Coinbase Prime Following Buying Streak

Institutional activity remains active, with BlackRock transferring 4,113 BTC valued at approximately $429.4 million to Coinbase Prime.

According to Lookonchain’s recent data, this marks BlackRock’s first significant sell-related move after over a month of consistent Bitcoin accumulation. The transfer was made in structured increments, mostly in exact batches of 300 BTC.

This planned and systematic approach points to strategic portfolio management rather than erratic selling. Coinbase Prime, which serves institutional clients, is typically used for sales or portfolio rebalancing. 

At the time of writing, Bitcoin’s price action is stabilizing above $106,000, reflecting a 2.50% daily gain, and SOPR data shows widespread profitability; the market may enter a new phase. Institutional moves, including BlackRock’s transfer, suggest evolving strategies amid changing market conditions. 

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.