Bitcoin Profit-Taking Hits Highest Level Since May
The Bitcoin network saw a surge in profit-taking activity Monday, adding pressure to the price as the second quarter wrapped up. By the end of the day, BTC had dipped about 1% to $107,180—nothing dramatic, but part of a broader trend that’s been playing out for weeks.
According to Glassnode, the seven-day average for realized profits climbed to $1.52 billion, the highest since late May. Total on-chain profits hit $2.4 billion in a single day. That’s above the year-to-date average, sure, but still a far cry from the $4 billion to $5 billion peaks we saw late last year.
Why This Matters
Realized profit, for those who don’t follow these metrics closely, basically tracks the dollar value of coins moved on-chain that were sold for more than their last purchase price. In other words, it’s a way to measure how much profit investors are actually cashing in on.
And right now, a lot of them are. The question is who’s selling—and why. Some of it’s likely long-term holders finally taking gains after months (or years) of holding. Others might just be reacting to the sideways movement we’ve seen since mid-May, with BTC mostly stuck between $100,000 and $110,000.
ETFs and the Bigger Picture
One thing worth noting is that U.S. spot Bitcoin ETFs continue to see steady inflows. That demand hasn’t been enough to push prices higher recently, though. Maybe it’s balancing out the selling pressure. Or maybe traders are just waiting for the next big move before committing.
Glassnode’s data doesn’t pinpoint exactly who’s offloading coins, but it’s safe to assume some of it’s coming from wallets that have been sitting on BTC for a while. After all, if you bought in early, even a slight dip from recent highs might still look like a good time to take profits.
But it’s not all one-sided. The fact that realized profits haven’t spiked to last year’s levels suggests there’s still a decent amount of holding going on. Whether that changes in the coming weeks depends on a lot of things—macro trends, ETF flows, maybe even some unexpected news.
For now, though, the market feels like it’s in a holding pattern. Not quite stuck, but not exactly charging ahead either.
