Over the past few days, the price of Tron (TRX), the native cryptocurrency of the Tron network, has ranged between $0.32 and $0.33; however, investors have been locking in profits.

The profit-taking spree has led to TRX recording its second-largest single-day profit event this year. An analysis by the market research firm Glassnode has revealed which cohort of investors is responsible for this development.

Who Is Taking Profits?

According to Glassnode, the majority of the profit-taking is coming from wallets that have held TRX for three to five years. This shows that investors who participated in the 2020-2021 bull cycle are exiting into strength. Glassnode said this shift in behavior could influence short-term market dynamics. It remains to be seen whether this shift will be positive or negative.

The three-to-five-year cohort spearheaded the profit-taking on August 5, driving the 24-hour Realized Profit metric to $1.4 billion. This figure comes second to the $2.2 billion recorded on May 30. Even Bitcoin’s  24-hour Realized Profit metric sat below Tron’s, at $665.1 million, while that of Ethereum stepped down further to $337.2 million.

Glassnode says profit-taking for TRX has remained accelerated since Saturday, with roughly $1 billion realized every day. This is the most sustained wave of realized profit the Tron network has seen in months.

On the other hand, the Net Unrealized Profit Loss indicator is in Optimism/Anxiety territory, and the Spent Output Profit Ratio (SOPR) is greater than one. This confirms that investors are taking profit into strength. Tron’s 24-hour Realized Loss was a mere $31,600.

Tron Sees Increased Activity

The latest development comes as the Tron ecosystem sees an increase in network activity. The blockchain recently beat Ethereum in global Tether USD (USDT) transactions by more than five times. Since the beginning of the year, the USDT supply on Tron has grown by more than $20 billion. As at writing time, the network hosted over $81 billion USDT, per data from analytics platform DeFiLlama.

Tron also handles about 60% of all USDT transfers, serving as the preferred network for institutions and developing countries. Last week, TRX ranked among cryptocurrencies dominating social media discussions, highlighting sustained investor interest in the digital asset.

Meanwhile, the crypto treasury adoption wave did not leave Tron behind. One leisure goods company, named SRM Entertainment, adopted TRX in its treasury strategy and changed its name to Tron Inc.