The world’s largest cryptocurrency, Bitcoin, recently hit a new record above $123,000, only to pull back below $118,000 as profit-taking kicked in. Despite all, on-chain signals hint at more upside ahead, as a key metric used by analysts shows that short-term holders have not yet reached the usual profit levels that trigger heavy selling.
Does this mean Bitcoin still has room left for a bigger rally?
Bitcoin Bull Run Isn’t Over
According to data shared by CryptoQuant author Darkfost, the Short-Term Holder Market Value to Realized Value (STH MVRV) ratio remains well below its critical threshold. This indicator measures unrealized profits for short-term Bitcoin holders and often signals when profit-taking could start.
In the past cylce, when the STH MVRV reached about 1.35, meaning holders had roughly 35% unrealized profits, Bitcoin usually faced short-term corrections as investors start taking profits. This usually leads to short-term corrections in price.
Looking at the current cycle, Darkfost notes that STH unrealized gains have never crossed the 42% mark, meaning the market hasn’t reached an extreme greed zone yet.
Right now, the STH MVRV stands near 1.15, signaling that holders are sitting on about 15% gains, far from the levels that typically spark heavy selling.
STH MVRV Signals More Upside Ahead for BTC
“Every time the STH MVRV has reached around 1.35, it has triggered profit-taking behavior… There is still room for BTC to rise by approximately 20% to 25% before hitting that critical MVRV threshold again.” – By @Darkfost_Cocpic.twitter.com/HPNehg5EJ8
What’s even more interesting is that the realized price for short-term holders just crossed $100,000 on July 11 for the first time ever. Today, it’s already above $102,000, setting a new benchmark in Bitcoin’s history.
This shift raises the threshold for profit-taking even further, creating more breathing room for the current rally.
How High Can Bitcoin Price Go?
Based on past trends, Bitcoin still has room to climb by 20% to 25% before hitting the profit-taking zone near an MVRV level of 1.35. This means the market could experience another strong upward move before large-scale selling begins.
Currently, Bitcoin is trading around $118,000. If it gains 20%, the price could reach about $141,600. Meanwhile, if the bitcoin see a 25% rise would push it close to $147,500.
Coinbase SOL Updates:- In a good news for the crypto users and investors, Coinbase has announced the much anticipated upgrade in its Solana infrastructure.
These updates are particularly soothing to the users who had faced significant struggles on Coinbase exchange and its wallet during January.
While announcing the upgrades, the exchange said that it has been working very hard to scale its Solana infrastructure since then.
Notably, Solana’s memecoin trading-driven surge has pushed the exchange’s Solana stack to ten times higher than its actual throughout.
What are the new Upgrades in Coinbase Solana Infra?
In early 2025, Coinbase users took to social media to vent our their frustration in the exchange’s long transactions time for Solana.
A user had reportedly said that two transactions from a Solana wallet to coinbase took him more 10 hrs – to get completed.
Now in order to solve this, Coinbase as part of its new updates has shifted to asynchronous transaction handling.
This means that its systems can now process transactions blocks in parallel. Previously, transaction blocks were processed sequentially, which created bottlenecks under heavy load.
According to the largest US exchange’s X post, this will improve its block processing throughput by 5 times.
This change alone is expected to slash wait times for transaction confirmations. This means that high‑volume periods will no longer compromise user experience or liquidity flows.
Coinbase Shifts to Bare‑Metal Machines and Enhance liquidity
In addition to software tweaks, Coinbase has migrated critical components of its Solana stack onto dedicated bare‑metal servers rather than virtualized cloud instances.
Virtual machines (VMs) run on top of something called a hypervisor, which is like a middleman between the software and the actual computer. This middleman uses up some of the computer’s power (CPU and memory), which can slow things down.
But the newly adopted bare-metal servers skip that middleman. According to IBM, they let the software run directly on the hardware, so Coinbase’s systems can use 100% of the server’s power.
In simple terms, this means faster processing, quicker responses from the system, and smoother handling of Solana transactions.
According to the exchange, this shift can deliver roughly a four‑fold improvement in remote procedure call (RPC) speed – allowing faster queries and state reads on the Solana ledger.
Further, Coinbase has also deployed back‑end optimizations to ensure better distribution of SOL liquidity across its order books and custody wallets. Its enhanced monitoring tools would now track on‑chain and off‑chain liquidity metrics.
These “operational changes” would give Coinbase’s operations team finer‑grained oversight to prevent order execution delays and maintain deep, frictionless liquidity for Solana assets.
Further, these updates to the exchange’s Solana ecosystem come as Canada approves and launches first Spot Solana ETFs this week.
Upgrade for Transaction Failures
To bolster resilience, the exchange has also introduced advanced failover augmentations. This will automatically reroute traffic in the event of node failures or network congestion.
The upgrade implements multi‑region redundancy and health‑check protocols that detect performance degradation in real time.
If a node underperforms or becomes unresponsive, traffic would immediately shifts to healthy nodes without manual intervention. This will help in guarding users against partial outages or cascading failures that have previously led to stalled transactions.
Bullish Market Reaction
News of the Coinbase Solana infrastructure improvements has already created ripple effects across the Solana markets.
As of writing, SOL’s price has climbed by 6% to its highest level in April – trading around $136 – today. This has ended up outperforming many top cryptocurrencies – XRP, BTC, ETH – as investors viewed the upgrades as a bullish signal for on‑chain activity and exchange confidence.
Notably, SOL Price is also driven by the Solana ETF approval in Canada.
SOL Price Today | Source: Coingecko
The upgrades become all the more important as Solana’s on‑chain trading continues to grow.
Particularly driven by the memecoin trading volume, its current state stands at over $15 billion in DEX transactions during the past seven days alone. Surprisingly, this has surpassed every other chain in this time frame.
CME has announced that its XRP and Micro XRP futures have hit a major milestone. On July 11, more than $235 million worth of these futures were traded in a single day. This took the cumulative notional volume since inception to surpass $1.6 billion. Rising Institutional Interest in CME XRP futures Shown in Record Trading
Jelly-My-Jelly (JELLY JELLY) has spiked by over 100% over the last hour but the surge in value is triggering a wave of anxiety for Hyperliquid Vault. The automated market maker is in the middle of a short squeeze and could lose a fortune if the Solana memecoin continues to surge.
According to a post by Wu Blockchain, Hyperliquid Vault is facing the possibility of a grim liquidation of its position. The decentralized exchange is in the middle of a short squeeze of JELLY JELLY after taking up the short position from a trader who voluntarily liquidated his position.
At the moment, Hyperliquid Vault is grappling with an unrealized loss of over $9 billion since betting against the Solana memecoin. Hyperliquid will lose over $230 million to the Solana memecoin short squeeze should prices spike to over 1 cent.
“If jellyjelly reaches $0.15374, Hyperliquid Vault will lose its entire $230 million in funds,” said Wu Blockchain.
JELLY JELLY has risen by over 200% at press time and currently trades at $0.04281. Meanwhile, transaction volume has surged by 412% in hours as the battle between the short sellers and long buyers continues to rage. For Hyperliquid, things are even grimmer given the frenetic pace of the Solana memecoin short-squeeze.
(@Shiba_King1991) 
