Bitcoin long-term holders (LTHs) have booked profits at an almost unprecedented level, outpacing even the 2021 bull market in realized gains.

On-chain data shows long-term holders have offloaded more BTC this cycle than at any point except the frenzied peak of 2017, adding weight to warnings that the number one cryptocurrency may be entering the late phase of its ongoing bull run.

Historic Profit-Taking and Shifting Sentiment

According to analytics firm Glassnode, Bitcoin LTHs, entities holding the asset for more than 155 days, have realized profits totaling 3.27 million BTC sold. This is only second to the 3.93 million BTC that changed hands between 2016 and 2017, pointing to intense selling pressure from the networks most resilient participants.

“Taken alongside other signals, this suggests the market has entered a late phase of the cycle.” Glassnode’s analysts remarked.

In another post, they noted that profit realization has coincided with slowing network activity. According to them, the monthly average of adjusted transfer volume fell 13% this month, sliding from $26.7 billion to $23.2 billion.

Additionally, the Taker Buy/Sell Ratio hit its lowest point since November 2021, according to CryptoQuant, with analysts interpreting this divergence between price and sentiment as a sign of weakening speculative demand.

Cycle analysis further strengthens the case that Bitcoin may be nearing its apex. Analyst Cryptobirb argued on August 25 that the bull cycle, which began after the April 2024 halving, is already 93% complete. Based on historical halving-linked cycles, he projected that a blow-off top could occur between late October and mid-November 2025.

Despite these pressures, some indicators show resilience. Market watcher Axel Adler Jr. highlighted that the annual Adjusted MVRV ratio has compressed to the neutral 1.0 level, signaling that short-term profit-taking has cooled without breaking the broader uptrend.

“The market is digesting the previous rally rather than reversing,” he noted on X.

Market Watch

Bitcoin has already pulled back more than 10% from its recent all-time high above $124,000, slipping below $109,000 yesterday before recovering to around $111,300 at the time of this writing.

Price action over multiple time frames reflects a market in consolidation. Over the past 24 hours, BTC edged up 1.0%, but it remains down 2.3% for the week, 6.7% over two weeks, and 7.1% for the month.

Even so, the asset is still up 76% year-on-year, showing the scale of the longer-term advance. Compared with the wider crypto market, BTC dominance has held steady, suggesting investors continue to treat it as a benchmark asset during volatility.