Long-term Bitcoin holders are currently reaping significant profits, levels that haven’t been witnessed in almost a decade, reports Glassnode, a firm specializing in blockchain analytics.
Analysis from Glassnode reveals that long-term investors have realized gains totaling approximately 2.37 million BTC during the ongoing market cycle of 2024-2025. Based on prevailing market values, this equates to a substantial $260.7 billion.
This figure represents the highest level of profit-taking observed since the bull market of 2016-2017, when long-term investors secured profits amounting to roughly 3.93 million BTC.
Glassnode’s analysis indicates that the substantial surge in realized profits points toward increasing sell-side pressure. According to the firm, investors appear to be capitalizing on Bitcoin’s recent price surge by strategically reducing their positions in the leading cryptocurrency following a period of sustained upward price momentum.
Throughout the past year, Bitcoin has experienced a steady ascent to new heights, culminating in a peak of $124,167 on August 14th, as per CryptoSlate’s data. At the time of this report, the cryptocurrency was trading at $110,761, reflecting a decline of nearly 11% from its all-time high.
This price correction suggests that profit-taking has become a widespread phenomenon, consistent with historical market cycles where robust price rallies are often followed by periods of consolidation and less aggressive market activity.