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Despite Bitcoin holders taking some profits, the level of selling isn’t as intense as seen in previous market peaks. Long-term investors are parting with a portion of their Bitcoin, yet the profit-taking behavior observed in September 2026 significantly differs from earlier major highs.
Current gains for long-term Bitcoin holders are considerably smaller than those experienced during previous peaks. The average profit for these investors stands at approximately 72% now, compared to around 350% in December 2024, according to data from CryptoQuant.
Maintained Selling Pressure for Bitcoin
The reduced profit margins may lessen the urge to sell. Investors who acquired Bitcoin during significantly lower price points earlier had stronger incentives to cash in during prior peaks. Presently, lower average gains may imply weaker motivations to sell, as noted by 24/7 Wall St.
As of September 26, Bitcoin is trading close to $84,100, reflecting a 4.6% increase over the past month. The ongoing support for Bitcoin can be linked to purchases made by mid-sized wallets. Those holding between 100 and 1,000 BTC have collectively added 113,950 BTC since July 15, according to Santiment.
Large Bitcoin Wallets Accumulate 113,950 BTC
These wallets now control about 5.24 million BTC, marking a 2.2% increase in total holdings between mid-July and late September. The wallets, often owned by affluent investors, hedge funds, and trading firms, do not reveal ownership details purely based on size.
Also read: US Treasury yields hit 2007 highs: Why rising bond rates are worrying investors
The 113,950 BTC uptick doesn’t necessarily indicate that this amount was acquired from the open market; a fund might divide its assets across numerous wallets, or a crypto exchange could transfer client tokens into larger addresses. As such, some of this increase could stem from wallet-to-wallet transfers, as per 24/7 Wall St.
Wallet Data Indicates Accumulation
It’s important to note that on-chain data doesn’t capture every purchasing action. A significant volume of Bitcoin transactions occurs within exchange order books, meaning such trades might not be reflected as movements between blockchain addresses.
This implies that the rise in wallet sizes suggests accumulation but does not definitively prove $113,950 worth BTC worth of new funds entering the market. The evidence indicates more Bitcoin within these wallets, but it does not clarify if they resulted from fresh acquisitions, transfers, or a hybrid of both.
Long-term Bitcoin Holders Selling Less
During the major Bitcoin peaks of 2025, long-term holders, defined as those keeping Bitcoin for a minimum of five months, contributed to much greater selling volumes. These investors often realize substantial profits due to earlier purchases. When they decide to sell during price surges, newer buyers might purchase Bitcoin at inflated prices, consequently increasing the risk of selling pressure once demand subsides.
Glassnode assesses this selling pressure using its sell-side risk ratio, which evaluates realized profits and losses against the overall Bitcoin supply value. This ratio was significantly elevated during the 2025 market highs, peaking at 35 basis points per day in July 2025 and 23 basis points per day in October 2025, according to Glassnode.
Profit-Taking by Bitcoin Falls Compared to 2025
By early September 2026, this metric had diminished to just 7 basis points per day, indicating that profit-taking was considerably lower than during the significant peaks in 2025. Furthermore, long-term holders represented a smaller fraction of realized Bitcoin profits in early September, accounting for about 47%, down from 88% at the height in August, as reported by 24/7 Wall St.
Bitcoin ETFs Provide Price Support
Bitcoin ETFs have been another source of buying demand amidst the selling trend. On September 21, spot Bitcoin exchange-traded funds recorded an impressive $999 million in inflows, creating additional demand for Bitcoin. Additionally, Bitcoin has remained relatively resilient even in the face of rising U.S. Treasury yields, with the 10-year Treasury yield hitting 5% on September 15, its highest rate since 2007.
Increased Treasury yields may make Bitcoin less appealing to some investors as government bonds provide interest income, unlike Bitcoin. Nevertheless, Bitcoin still managed to gain 3.3% over the week leading to September 26, as noted by 24/7 Wall St.
The recent decline in Bitcoin’s price was notably less drastic than in past bear markets. Glassnode reports that Bitcoin did not dip below its realized price, reflecting the average price at which coins were last traded. The low recorded in June 2026 marks the least severe bear-market bottom since 2017, as per Glassnode. This relatively moderate decline may have allowed more dedicated investors to remain engaged instead of liquidating during the downturn.
Also read: US debt hits $40 trillion: Why are soaring Treasury yields making it worse?
Significant Price Levels for Bitcoin to Monitor
Bitcoin is on pace for its first positive third quarter since 2012. However, historical performance doesn’t guarantee future outcomes. A crucial aspect of September 2026 revolves around the pattern of selling among long-term holders, whose profit-taking is currently at about one-fifth the pace observed during the July 2025 peak. Moreover, the reduced average profit for long-term holders stands at around 72%, significantly lower than the 350% gain noted in December 2024, according to CryptoQuant.
This suggests that monitoring the selling behavior of long-term holders is essential, rather than merely focusing on the accumulation of 113,950 BTC. The increase in wallets holding 100 to 1,000 BTC signifies that these addresses possess more Bitcoin, yet it remains unclear if this represents actual fresh purchases or mere transfers.
A critical price point for Bitcoin holders to observe is the $83,000 to $86,000 range, where long-term holders amassed roughly 1.07 million BTC. Sustaining a price drop below $83,000 could lead some of those buyers to experience a loss. This may prompt additional selling from investors, potentially intensifying downward pressure on Bitcoin’s value.
Large Wallets Might Shift Market Trends
Another potential risk lies in large wallets beginning to offload their recently acquired Bitcoin. If those holding 100 to 1,000 BTC start selling the 113,950 BTC they accumulated since mid-July, the current buying support could diminish.
At present, Bitcoin experiences a rise amid two contrasting trends: some long-term investors are realizing profits, while mid-sized wallets are increasing their Bitcoin holdings. Additionally, ETF inflows and the limited selling by long-term holders have contributed to market support.
The overarching consideration for Bitcoin’s future trajectory is not solely whether holders are selling. The more significant question revolves around which investors are selling, the intensity of their selling actions, and whether the wallets that accumulated Bitcoin since July will continue to hold their positions.
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