The focus on short-term profits has negatively impacted Bitcoin, and it may still be in a state of uncertainty despite recent bullish momentum. Long-term holder transfer volumes have had a psychological barrier on Bitcoin's movement, with an increase in sell pressure from holders in profit.

Glassnode analysis shows a significant increase in transfer volumes by long-term holders in profit, indicating that Bitcoin holders have been taking profits and making it harder for Bitcoin to sustain its upside. Whales have been buying despite the surge in profit-taking, but their accumulation timing suggests they are buying in low leverage conditions and selling when derivatives demand soars.