Bitcoin Long-Term Holders Take 3.27M BTC in Profits, Exceeding 2021 Cycle
Data from on-chain analytics firm Glassnode shows that Bitcoin (BTC) long-term holders (LTHs) have realized 3.27 million BTC in profits this cycle, surpassing gains seen during the 2021 bull run and signaling mounting sell-side pressure.
LTHs—defined as investors holding BTC for at least 155 days—have now extracted more profits in this cycle than in all but one previous cycle (2017), underlining the market’s progression into a late-stage phase. The 2017 bull run remains the only prior cycle with higher realized profits at 3.93 million BTC, while earlier cycles, including 2013, recorded far lower totals.
Measured in dollar terms, the impact is even more pronounced. Bitcoin’s average price in 2015 was around $1,000 compared with current levels roughly 100 times higher, meaning the market has absorbed far greater realized profits in USD terms. Much of the supply has come from long-dormant “OG” coins re-entering circulation.
Recent market activity illustrates the trend: about 80,000 BTC was listed for sale at Galaxy, while another 26,000 BTC recently became active. In total, roughly 100,000 BTC moved into circulation, prompting a minor correction while highlighting the market’s increased liquidity.
Exchange-traded funds (ETFs) are also playing a key role, supporting capital rotation and boosting overall trading volumes. The combination of LTH profit-taking and ETF activity underscores the growing complexity and maturity of Bitcoin’s late-cycle dynamics.
