Bitcoin Holders Take Profits, But Far Less Than at Market Tops
Bitfinex sees $2.4 billion in realized profit, well below earlier peaks of $7 billion to $10 billion per day. Solana is also showing a stronger long-term trend.
Key Takeaways
- Bitcoin rose 44% this quarter to nearly $85,000, after three quarters of declines.
- Bitfinex reports $2.4 billion in realized profit, well below earlier peaks of $7 billion to $10 billion per day.
- Solana is trading above its 365-day average, while Bitcoin is showing a similar trend.
Bitcoin holders are taking profits after the recent price jump, but it is clearly happening more calmly than at earlier market tops. BTC rose 44% this quarter to nearly $85,000 (€74,800), its best quarter since the last three months of 2024, after the coin had fallen for three straight quarters before that.
Profit-Taking Remains Limited
According to Bitfinex, $2.4 billion (€2.1 billion) in profit has now been realized. That is a lot, but still well below earlier peak moments, when daily realized profit according to the trading platform was between $7 billion (€6.2 billion) and $10 billion (€8.8 billion).
The metric analysts watch tracks how much profit gets locked in when coins move on-chain at a higher price than the last time they changed hands. In practice, that means a coin that was once bought around $40,000 (€35,200) and later sold around $84,000 (€73,900) shows a realized profit of $44,000 (€38,700).
What This Says About the Market
The lower profit-taking fits the picture that this bull market is playing out differently from earlier cycles. Some enrichment signals point to realized profit being lower in this phase than at previous tops, while Bitcoin's realized price is around $54,000 (€47,500) and has not yet been tested as a clear floor.
That could matter for European crypto followers, because it shows the market is still taking profits, but not to the same degree as in earlier euphoric phases. At the same time, the picture remains mixed, because lower realized profit can also go along with a more cautious investor mood rather than a quick shift in sentiment.
The broader cycle also seems less extreme than in earlier phases: this milder bull market fits the idea that both rallies and corrections are moving more gradually than in previous years.
Solana Gives an Extra Signal
Besides Bitcoin, Solana is also standing out. The SOL price is trading above its 365-day average, which is often seen as a sign that the longer-term trend has improved. Bitcoin is showing a similar development on its own price chart, although that alone still says nothing about the pace of the next move.
