Bitcoin remained steady above $118,800 as the market absorbed its recent strong rally to a new all-time high above $122,000.
Although on-chain data now shows an initial wave of significant profit-taking—especially among short-term holders who realized substantial gains—some analysts argue historical patterns still leave room for another upward push, while cautioning that “overheated” signals are beginning to flash.
In a recent report, on-chain analytics firm Glassnode highlighted that “short-term holders now sit on significant unrealized profits,” pushing a key indicator “toward overheated territory.”
The Short-Term Holder Unrealized Relative Profitability metric recently reached 15.4%, breaching a major statistical threshold (+1 standard deviation) before cooling off slightly. Historically, Glassnode notes, readings at this level “often mark the start of top formation.”
The firm also pointed to the Realized Profit to Loss Ratio, which spiked to a striking 39.8—“well above the +2 standard deviation threshold”—signaling intense profit-taking from successful traders.
Although that ratio has since dropped to a more moderate 7.3, the elevated readings remain consistent with behavior typically seen in the late stages of a bull market.
“So far, both the Percentage of Volume Spent in Profit and the Realized Profit to Loss Ratio have signaled a first wave of excessive profit-taking,” the report concluded.
While this does not necessarily mark the definitive market peak, Glassnode warned that “such top formations tend to unfold across multiple waves,” and projected the next major resistance level for Bitcoin around $130,000.
Rotation in motion: traders move into altcoins
As short-term upside for Bitcoin appears increasingly constrained by profit-taking pressure, some traders are rotating capital into major altcoins.
Ethereum (ETH) surged an impressive 7.5% over the past 24 hours, outperforming Bitcoin and emerging from a recent consolidation phase.
Analysts have pointed to the recent progress of the GENIUS Act, a proposed stablecoin regulatory bill, as a potential catalyst for ETH’s strong performance.
Solana (SOL) also saw notable gains, rising about 5%, supported by fresh on-chain data showing Galaxy Digital accumulated roughly $55 million worth of SOL within a tight two-hour window, withdrawing tokens from multiple centralized exchanges.
The rotation into leading altcoins like ETH and SOL suggests that while Bitcoin’s broader market structure remains intact, traders are seeking higher returns in other corners of the crypto ecosystem.
Major rebrand at Coinbase: from “Wallet” to “Base App”
In a significant development for the wider crypto ecosystem, Coinbase has officially rebranded its popular Wallet product as the “Base App.”
The move confirmed speculation that circulated after the company briefly refreshed its X profile earlier in the week.
The rebrand positions the app as a central gateway into the expanding Base ecosystem, now presented as a fully on-chain, consumer-focused stack designed for mainstream use.
The change was announced at Coinbase’s “A New Day One” event, which also outlined a broader vision for Base centered on three pillars: the existing layer-2 network, the Base Chain; a new suite of developer tools called Base Build; and the newly launched Base App.
Unlike its predecessor, Coinbase Wallet, the Base App is designed to be more than just a place to store crypto.
It will integrate messaging, payments, trading, and an app marketplace that supports a range of social and financial experiences.
This is not Coinbase’s first attempt to iterate on its wallet product—longtime crypto users may recall the original “Toshi” wallet—but it may be the most ambitious yet.
As the Base ecosystem increasingly differentiates itself from the Coinbase parent brand, the new app appears intended to emphasize Base’s distinct identity as a more open, consumer-oriented ecosystem—rooted in crypto’s core values but packaged in a user-friendly way for everyday users.