Short-Term Holders Cash Out While Bitcoin Powers Past $111K, Momentum Continues

itcoin continues to climb, breaking into new all-time highs while investor confidence grows alongside it. Recent data from Glassnode highlights how strong this rally has become, supported by major profits for holders and a key market metric reaching record territory.

Good to know

• Realized Cap crosses $900 billion for the first time.
• Short-Term Holders bank over $11.4 billion in profit.
• Bitcoin touches $111,000 before possibly heading higher.

Glassnode reports that Bitcoin’s Realized Cap—an indicator based on the last moved price of each coin—has reached an all-time high, surpassing $900 billion. The rising price has made most investors profitable, with many cashing in while liquidity deepens across the market.

At the same time, Short-Term Holders, or STHs (those holding BTC for under 155 days), have seen portfolio gains trigger a sharp increase in selling. In the past month alone, they have realized $11.4 billion in profits. Despite that, Bitcoin has absorbed the pressure and continued to rally.

Metrics Signal Market Confidence

After dipping to $74,000 in early April, Bitcoin has rebounded strongly. Glassnode notes that the market value to realized value (MVRV) metric—a measure of how much unrealized profit holders have—has jumped across the board.

Since that local low, overall MVRV has risen from 1.74 to 2.33, while STH MVRV moved from 0.82 to 1.13, shifting from a loss to a gain. Long-Term Holders (LTHs) also saw their MVRV climb from 2.91 to 3.30. Higher MVRV usually suggests rising optimism and reduced selling pressure.

Meanwhile, Bitcoin briefly crossed the $111,000 mark on Wednesday, its highest level ever. That breakout has caught the attention of traders like Kevin Svenson, who told his YouTube audience that the move confirms Bitcoin is on track to reach $115,000 by May 23 or 24.

“There’s a lot of momentum, a lot of excitement, and prices move very quickly,” Svenson said. “So seeing Bitcoin at 115,000 around May 23rd or May 24th would be no surprise at all now.”

However, Svenson also added a note of caution. While $115,000 may act as a short-term ceiling, he sees the potential for a further push to $124,000 by July. “We might just get some chop consolidation and then ultimately run up towards my parabolic trend target of $124,000,” he explained.