Following bitcoin hitting its current all-time high (ATH), long-term holders (LTHs) have been collecting profits. This comes as the cryptocurrency consolidates to cool off from the latest rally.

The intensity of profit-taking from LTHs raises speculation that the market may have reached a peak for this cycle. However, Gaah, a pseudonymous analyst at the market intelligence platform CryptoQuant, believes the top is not yet in.

LTHs Take Profits

According to Gaah, the LTH Spent Output Profit Ratio (SOPR) has climbed to its highest level in 2025. The indicator has passed the mid-range, but remains below the red zone, which has marked cycle tops in past bull markets.

The SOPRs current level indicates that LTHs have increased their selling activities, taking more profit, but not at excessive levels. Gaah said the market usually sees such high levels during periods of euphoria and mass distribution. This further suggests that the market has not yet reached its peak, despite bitcoins rally past $123,000.

Analyzing past data, market experts see macro top signals when the LTH SOPR rises to a level above 4.0. The metric is currently slightly above 2.5, supporting the belief that there is room for further price appreciation before the market reaches overheated levels.

This behavior indicates a heated market, but still far from a final top. Investors should monitor the continuation of this trend as a sign of the cycles maturation, without ignoring the risks of significant corrections along the way, Gaah added.

Whale Inflows to Exchanges Rise

Meanwhile, the surge in LTH profit-taking is evident in flows from Bitcoin whales to crypto exchanges. A previous report revealed that the monthly average of whale inflows has increased by approximately $17 billion, from $28 billion to $ 45 billion. The market witnessed this growth between July 14 and 18, around the time BTC touched $123,000 for the first time.

The increase in flows to exchanges reflects the transfer of at least 80,000 BTC, as whales scramble to lock in profits.

Analysts say Bitcoins outlook remains bullish, but with a slight fragility in the near term. This could be further exacerbated by continued profit-taking by whales, LTHs, and even retail investors. Fortunately, CryptoQuant also found a decline in daily whale inflows to exchanges, suggesting that selling pressure is easing. Regardless, BTC could either consolidate or face a deeper correction before its next leg up.