BTC Win-Take Hits Record Highs after 2021: Should investors worry?

Bitcoin long -term holders (LTHS) have made a profit at an almost unprecedented level, even about the 2021 Bullmarkt in realized profit.

Data on the chain show that holders have developed this cycle more BTC in the long term than at any time, except for the crazy peak of 2017, which adds to warnings that the number one cryptocurrency can enter the late phase of his current Bullrun.

Historically profitable and shifting sentiment

According to analysis company Glassnode, Bitcoin LTHS, entities that hold the actively for more than 155 days, have achieved profit in total 3.27 million BTC sold. This is only second to the 3.93 million BTC that changed owner between 2016 and 2017, which points to intense sales pressure of the most resilient participants in the network.

“In addition to other signals, this suggests that the market has entered a late phase of the cycle.” The analysts of Glassnode noticed.

In another message, she noted This profit realization coincided with delaying network activity. According to them, the monthly average of the adjusted transfer volume fell by 13%this month, sliding from $ 26.7 billion to $ 23.2 billion.

In addition, the Taker Buy/Sell Ratio reached the lowest point since November 2021, according to cryptoquant, with analysts interpreting this divergence between price and sentiment as a sign of weakening speculative demand.

Cyclus analysis also strengthens the case that Bitcoin may approach its top. Analyst Cryptobirb argued on 25 August that the bull’s cycle, which started after the April 2024 Halving, has already been completed 93%. Based on historic halving-linked cycles, he projected that a blow-off top could take place between the end of October and mid-November 2025.

Despite this pressure, some indicators show resilience. Market Watcher Axel Adler Jr. marked That the annual adjusted MVRV ratio is compressed to the neutral 1.0 level, indicating that taking profit has cooled in the short term without breaking the wider upward trend.

“The market is digesting the previous rally instead of returning,” he commented on X.

Market watch

Bitcoin has already withdrawn more than 10% compared to his recent all-time high above $ 124,000, gone under $ 109,000 yesterday before he recovered at the time of this letter to around $ 111,300.

Price promotion about multiple time frames reflects a market for consolidation. BTC has risen by 1.0% in the last 24 hours, but it continues to fall 2.3% for the week, 6.7% for two weeks and 7.1% for the month.

Nevertheless, it is still 76% on an annual basis and shows the scale of the tall in the longer term. In comparison with the broader crypto market, BTC has kept steadily, which suggests that investors continue to treat it as a benchmark actively during volatility.