Who’s Realizing Bitcoin Profits? Long-Term Holders Take the Lead in Market Peak 

Data reveals that long-term holders (LTHs)—those holding BTC for over six months—are cashing out at a higher rate than short-term investors.

According to the report at the recent local high, LTHs realized nearly $1 billion in profits daily, according to the 30-day moving average. In contrast, short-term holders (STHs) offloaded just $320 million a day. That 3-to-1 ratio marks a clear leadership in profit-taking from older market participants.

This isn’t new. Since the 2015–2018 cycle, long-term holders have steadily gained influence during market peaks. Their growing role reflects a maturing market, where conviction-based investing outweighs short-term speculation.

Mature Wallets Define the Current Top Structure

Although the $1 billion figure might seem modest next to the $1.8 billion peak in December 2024, a deeper dive shows a revealing pattern. As bull markets evolve, mid-range holders—those in the 6–12 month cohort—tend to step back. That trend is again visible in the current cycle.

Older investor groups, particularly those holding Bitcoin for over a year, are now dominating realized profits. Their behavior suggests a more developed top structure forming. These holders carry larger unrealized gains and show a greater willingness to sell into strength as rallies mature.

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The True Drivers of Profit-Taking

Removing the 6–12 month group from the data offers a clearer look at what’s happening. This adjustment filters out investors who bought near the Q1 2025 highs—holders with limited profit margins.

Instead, attention turns to the >12-month cohort. These long-standing investors are now booking profits in large volumes. Their activity typically signals either market maturity or exhaustion, as historical trends show.

Combined with signals from the Cumulative Volume Delta (CBD) Heatmap, this reinforces the conclusion: older, high-conviction holders are increasingly responsible for the latest wave of selling. Their exit behavior is helping shape what may become a confirmed top for this cycle.

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