This is the highest realized profit since the 2016–2017 bull run, when long-term investors booked gains of approximately 3.93 million BTC.
Glassnode noted that the sharp increase in realized gains illustrates growing sell-side pressure. The firm suggested that investors appear to capitalize on Bitcoin’s recent rally by reducing their exposure to the top crypto after months of sustained upward momentum.
Over the past year, Bitcoin has steadily climbed to new highs, peaking at $124,167 on Aug. 14, according to CryptoSlate’s data. The asset was trading at $110,761 at press time, down nearly 11% from that record.
This pullback suggests that profit-taking has become widespread, consistent with prior cycles, in which strong rallies were often followed by quieter, less aggressive phases of market activity.
