[Analysis] Bitcoin Long-Term Holders’ Realized Gains at 72%, Selling Pressure Limited

Bitcoin long-term holders are realizing gains that remain well below levels seen at past bull-market peaks, according to an analysis. The relatively modest level of profit-taking suggests they may wait for further upside rather than begin selling in earnest.

Darkfost, a contributor to CryptoQuant, wrote on September 25 that Bitcoin long-term holders are currently realizing gains of about 72%. While that may appear substantial, it is still far below the returns seen at previous market tops.

In December 2024, realized gains for Bitcoin long-term holders reached about 350%. The current figure is roughly one-fifth of that level. Because long-term holders are generally less sensitive to price swings than short-term holders, the level at which they realize profits is used as a gauge of medium- to long-term selling pressure in the market.

According to Darkfost, the current level of profit realization by long-term holders is similar to that seen in previous bear markets. In other words, despite Bitcoin’s price gains, long-term holders still have not entered a profit zone that would typically trigger aggressive selling compared with prior bull-market peaks.

The market is currently in a relatively mild profit-taking phase, he added. That could lead most long-term holders to hold on a bit longer as they wait for further gains.