Recent data indicates record profit-taking among Bitcoin long-term holders, suggesting a potential end to the current bull market.
Historic Profit-Taking and Sentiment Shift
Long-term holders of Bitcoin (LTH), who have held the asset for over 155 days, have realized profits totaling 3.27 million BTC. This data, provided by analytics firm Glassnode, indicates significant selling pressure from the network's most resilient participants, only second to the 3.93 million BTC profited during the period from 2016 to 2017.
> "Taken alongside other signals, this suggests the market has entered a late phase of the cycle," Glassnode analysts remarked.
Market Analysis
The realization of profits has coincided with a slowdown in network activity. According to statistics, the monthly average transfer volume fell by 13% this month, decreasing from $26.7 billion to $23.2 billion. Additionally, the Taker Buy/Sell Ratio reached its lowest point since November 2021, confirming weakened speculative demand.
Current Metrics and Price Dynamics
Bitcoin has pulled back more than 10% from its recent all-time high above $124,000, slipping below $109,000 before recovering to around $111,300 at the time of this writing. Price action reflects a consolidating market, with BTC edging up 1% over the past 24 hours, yet down 2.3% for the week.
The record profit-taking among Bitcoin long-term holders and the slowdown in market activity raise questions regarding the potential conclusion of the current bull cycle.
