Bitcoin Long-Term Holders Realize Highest Profits Since 2017 Cycle

Key Points:

• Long-term holders realized 3.27M BTC in profit, surpassing 2021 levels
• Taker Buy/Sell Ratio dropped to 0.90, signaling stronger sell pressure
• ETF outflows align with local BTC price bottoms, acting as stress signals

Long-term Bitcoin holders have realized 3.27 million BTC in profit during the current 2025 cycle. This marks the second-highest realized profit ever, only behind the 2017 cycle, which peaked at 3.93 million BTC.

The realized profit already surpasses the 2021 cycle, where less than 3 million BTC were taken as gains. This indicates stronger selling activity from long-term holders, even before markets reach peak euphoria levels.

Selling pressure builds as sentiment weakens

The rising trend in realized profits signals that many long-term holders are selling into strength. Such behavior typically emerges during the late phases of bull markets.

At the same time, the Bitcoin Taker Buy/Sell Ratio has dropped to 0.90, its lowest reading since November 2021. This sharp decline indicates aggressive selling pressure outweighs buying demand, despite Bitcoin maintaining a high price near $111,595.

Investor supply shifts and ETF flows influence cycle

Data shows long-term holder supply has reached 15.2 million BTC, while short-term holder supply dropped to 4.6 million BTC. New investor supply has declined to 1.4 million BTC, echoing patterns seen near previous market cycle tops.

Short-term holders still maintain modest profits, but recent buyers are realizing losses, with profitability down to -1.6. This suggests ongoing capitulation among new investors, consistent with late-cycle distribution phases.

ETF flows also provide important signals. Outflows from BlackRock’s IBIT ETF have repeatedly coincided with Bitcoin price troughs, often marking local market stress points. Large inflows, in contrast, aligned with rallies, reinforcing ETF demand as a key driver of short-term trends.

Overall, the combination of high realized profits, weakening sentiment, and ETF-driven flows signals a maturing market cycle. Bitcoin remains elevated, yet the data reflects growing sell-side pressure that may shape the coming months.