Bitcoin Long-Term Holders Realize Record Cycle Profits
On-chain analytics firm Glassnode reports that Bitcoin long-term holders (LTHs)—investors holding BTC for over 155 days—have realized 3.27 million BTC in cumulative profit this cycle. This total surpasses all previous cycles except the 2017 bull run. Glassnode tracks realized profit from each cycle’s all-time high breakout, marking peaks in LTH profit-taking as signs of a late-stage bull market. Another key metric, the Percent Supply in Profit, has exceeded one standard deviation above its mean on 273 days this cycle, second only to 2016–18. These indicators suggest caution, though the current cycle could still diverge from past patterns. At the time of writing, Bitcoin trades near $113,400, down 4% over the past week.
Neutral
Glassnode’s data shows record profit-taking by Bitcoin long-term holders, a phenomenon that historically aligns with late-stage bull cycles and precedes market tops. The 2017 cycle saw similar peaks before a downturn. However, current metrics could also reflect stronger holder conviction, and patterns may diverge from the past. In the short term, traders may face increased volatility as LTH selling pressure mounts, but sustained demand could absorb it. Overall, the report offers caution without a definitive bearish or bullish catalyst, making its immediate market impact neutral.