Long-term Bitcoin holders have realized 3.27 million BTC in profits this cycle, now exceeding the 2021 bull run but still behind the record 2017 total.
Key Takeaways:
- Long-Term Holders (LTHs) have realized 3.27M BTC in this cycle, surpassing the ~3M BTC recorded in 2021.
- The 2017 cycle remains the benchmark, with LTH realized profits hitting approximately 3.93M BTC.
- Around 100,000 BTC has been reactivated or listed for sale, including ~80,000 at Galaxy and 26,000 from dormant addresses, adding sell pressure.
Glassnode data (via CoinDesk) shows that LTHs (155+ day holders) realized 3.27M BTC in profits above 2021’s ~3M, but still under 2017’s 3.93M peak. Glassnode noted on X this reflects a late-cycle phase.
Recent flows show ~80K BTC listed on Galaxy and 26K BTC from legacy wallets reactivated. The ~100K BTC influx added sell-side pressure alongside ETF capital rotation.
Photo: Glassnode’s cumulative LTH realized profit in BTC.
In an X post from crypto analyst Cas Abbé, they emphasized that historically, this level of realized profit indicates that we are nearing the end of the bull run, and not the start. They also added that the current market needs “new buyers to step up and absorb that supply,” pertaining to the massive cashed out BTC.
Bitcoin Price Reacts to Renewed Sell Pressure
As of this writing (12:35 PM UTC), Bitcoin (BTC) is trading at approximately $111,128 with a 1.3% gain in the past 24 hours, ranging between $109,526 and $112,249 intraday, according to TradingView and CoinGecko’s latest market statistics.
The shift of ~100,000 BTC into circulation seems to have contributed to the recent modest pullback, though not a sharp crash. Volume remains elevated, suggesting the market is digesting this influx amid ETF-fueled liquidity rotations.
Short-term technical indicators (from related analysis) show that Bitcoin’s RSI is near 56, offering room before reaching overbought territory, while MACD remains positive though momentum may be slowing. Resistance lies between $120,000–$126,000, with support around $108,000–$110,000, where a break below could trigger a deeper correction. Upside holds firm for now.
What’s Next for Bitcoin as Holders Cash Out
With 3.27M BTC realized, topping 2021 but still shy of 2017, LTHs are actively profit-taking signaling late-stage cycle behavior. If dormant coins keep moving and ETF inflows fade, correction risks increase.
Investors watch if another 100K BTC emerges; failure to hold $108K–$110K could mean deeper retracement (~$90K–$95K). Strong ETF inflows and supply stabilization, however, could refuel a move toward $120K–$126K.
Summary
Bitcoin long-term holders realized 3.27M BTC profits, surpassing 2021’s cycle but still behind 2017’s 3.93M BTC peak. ~100K BTC reactivation added supply pressure, contributing to modest pullback. BTC trades ~$111K, holding support near $108K–$110K.
The activity signals late-cycle dynamics: sustained ETF demand is needed to absorb supply. If supports hold, BTC could test $120K–$126K again; a break lower risks deeper correction toward $90K–$95K.
