Bitcoin long-term holders (LTHs) have realised profits of 3.27 million BTC in the current 2024–2025 cycle, surpassing gains made during 2021’s bull run, according to Glassnode data. This milestone marks the second-highest level of profit-taking in Bitcoin’s history, only behind the record 3.93 million BTC realised during the 2017 cycle. The scale of selling indicates intensified profit-taking by patient investors and signals the market is likely in the late phase of this bull run.
Record Profit Realization by Long-Term Holders
Since early 2024, LTHs, defined as holders with Bitcoin assets for at least 155 days, have cashed out 3.27 million BTC. This figure exceeds the 3 million BTC profits seen in 2021 and dwarfs earlier cycle profits such as those in 2013. However, it remains below the 2017 bull run’s peak of 3.93 million BTC in realised profits. Bitcoin’s price has risen about 100 times since 2015, giving today’s realised profits a far larger dollar value, currently estimated around $260 billion. This shows the market’s maturity in handling vast sell-side pressure while LTHs rotate capital, including from long-dormant, legacy coins.
Market Dynamics and Profit Taking
Recent market activity illustrates this profit-taking trend: roughly 80,000 BTC was recently listed on Galaxy, combined with another 26,000 BTC from previously inactive wallets becoming liquid. In total, about 100,000 BTC has surfaced for sale, which contributed to a mild market correction. Bitcoin’s price dropped over 10% from its record high of around $124,000 in mid-August to roughly $111,000 at the end of the month. The availability of exchange-traded funds (ETFs) has played a significant role in easing the capital rotation and increasing liquidity, with trading volumes expanding broadly across the market.
Signals of a Late-Stage Bull Market
The surge in profit-taking by LTHs is often a hallmark of the late phase in bull markets. Traditionally, “diamond hands” LTHs hold through volatility but begin selling as cycles mature. Indicators such as the Taker Buy/Sell Ratio dropping to 0.90 and a stabilised Spent Output Profit Ratio (SOPR) near the neutrality point point to growing sell-side momentum. While this selling pressure mirrors patterns seen in 2017 and 2021, the Market Value to Realised Value (MVRV) ratio of 2.5 remains well below earlier peaks of 20 and 12, suggesting the market is not yet euphoric and might still hold upside potential.
Balancing Opportunities and Risks
Though the current cycle shows signs of maturity, the Bitcoin market remains resilient. Institutional demand, ETFs, and deepening liquidity help absorb significant sell volumes without sharp price crashes. Yet, some vulnerabilities surfaced recently, such as an early holder unloading 24,000 BTC in thin liquidity that triggered a $500 million liquidation cascade. Analysts caution that if daily LTH sales spike to around 500,000 BTC levels seen near past market tops, it could promote a 20–30% correction. Conversely, positive signals from MVRV and NUPL ratios and upcoming macro events could push prices higher, with targets above $115,000 and even projections of $200,000 by year-end.
In conclusion, Bitcoin long-term holders have realised the largest profits in recent years, reflecting active capital rotation and growing sell-side pressure typical of late bull market stages. However, strong liquidity and institutional backing keep the market stable despite this pressure. Investors should watch key on-chain metrics and trading volumes carefully to navigate potential volatility ahead. Balancing optimism about further gains with preparedness for corrections will be essential in this evolving cycle.
This milestone emphasises Bitcoin’s maturity as an asset and the market’s ability to absorb large profit-taking events amid growing institutional involvement and ETF-driven liquidity. The story of 3.27 million BTC realised profits in 2024–2025 tells a tale of both strength and caution in Bitcoin’s ongoing journey.
Written By Fazal Ul Vahab C H
