According to glassnode, recent on-chain data shows that realized profits for Bitcoin are currently lower in magnitude, with long-term holders continuing to retain their positions while short-term traders are increasingly driving the market. This combination of reduced profit-taking and persistent long-term holding supports ongoing bullish expectations among less speculative BTC investors, suggesting potential for further upward movement in the Bitcoin price. Active short-term trading is also contributing to higher volatility, which can present new trading opportunities for crypto market participants (source: glassnode, May 22, 2025).