According to glassnode, Bitcoin's Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) metric has returned to 0.69, the same level observed on April 1. However, at that time BTC was priced at $85,000, compared to $102,000 today. The increase in price is offset by the maturing of December 2024 buyers into long-term holders (defined by a 155-day cutoff), which dilutes the cohort's unrealized profit share. This dynamic is muting bullish sentiment among traders despite record-high BTC prices, suggesting that profit-taking and a more cautious trading approach may dominate short-term market behavior (source: glassnode, May 15, 2025).