Bitcoin Long-Term Holders Realize 3.27M BTC in Profits, Surpassing 2021 Cycle

Profit-taking pressure is intensifying as dormant coins reactivate and ETFs continue to drive capital rotation, according to Glassnode data.

Bitcoin (BTC) long-term holders (LTHs) have already realized more profits in the current cycle than in all but one previous cycle since 2016, highlighting significant sell-side activity as the market advances through its late-cycle phase.

Since early 2024, investors who have held BTC for at least 155 days have realized 3.27 million BTC in gains. This surpasses the 2021 bull run, which saw slightly over 3 million BTC realized, and far exceeds the 2013 cycle. The figure still trails the 2017 cycle, when LTHs realized 3.93 million BTC.

Measured in dollar terms, the impact is even more pronounced. Bitcoin’s average price in 2015 hovered around $1,000, compared with current levels roughly 100 times higher, reflecting a vastly larger dollar value of realized profits. This surge in sell-side supply is being fueled in part by long-dormant “OG” coins coming back into circulation.

Recent activity illustrates this trend: roughly 80,000 BTC was listed for sale at Galaxy, while another 26,000 BTC became active on-chain. In total, about 100,000 BTC has entered the market, prompting a modest correction and demonstrating the liquidity now available to investors.

Exchange-traded funds (ETFs) continue to facilitate this rotation, while overall trading volumes have broadened across the market, underscoring the evolving dynamics of capital movement in Bitcoin’s late-cycle phase.