July marked a significant profit-taking month for Bitcoin holders, whereas August has seen a slowdown in profit realization, according to Glassnode data. This could indicate a shift in market sentiment.
Easing Profit Realization Among Long-term Holders
Glassnode data indicated that profit realization among long-term Bitcoin holders slowed in August following record sales in July, where daily realizations exceeded $1 billion. In July, the profit-taking peaked at nearly $2.75 billion, driven primarily by addresses holding for 6–12 months and over a year. August data shows a marked decline in selling pressure from these groups, suggesting that holders may be showing renewed conviction in retaining their positions.
Technical Analysis and Price Structure
Analyst Crypto Tony pointed out that Bitcoin's price action is currently following a potential leading diagonal structure. His analysis, based on CME Futures data, highlights what he referred to as a 'BIG CME gap' that traders should keep an eye on. Current price movements are completing wave (v) of the diagonal, which could lead to a short-term decline intended to fill the CME gap. After this, Bitcoin is expected to trade sideways between September and November.
Outlook for Late 2025
The CME Futures-based projection ties the gap-fill narrative to a longer-term bullish structure. Crypto Tony suggested that resolving the expected consolidation range could set the stage for a strong upward breakout. If the Elliott Wave sequence holds, this move is anticipated to occur in late 2025.
August revealed a reduction in selling pressure among long-term Bitcoin holders; however, this market shift may signal readiness for consolidation preceding the anticipated rise towards the end of 2025. Analysts continue to monitor key technical indicators and trading volumes.
