Bitcoin profit-taking could accelerate as BTC prices climb to three-month highs and investors begin locking in gains, according to Julio Moreno, head of research at onchain analytics platform CryptoQuant.
Holders realized 14,600 BTC in profits on Monday, or $1.1 billion, following Bitcoin’s April rally, Moreno said, adding that this is the “highest” single day of profit-taking since Dec. 10, when BTC was trading above $90,000.
Bitcoin holders’ realized profits spike after the April rally. Source: CryptoQuant
The Short-Term Holder Spent Output Profit Ratio (STH-SOPR), an onchain metric that gauges profit-taking by wallets that have held BTC for less than 155 days, also rose above 1, a level that indicates “clear profit-taking territory,” he added. He said:
“Bitcoin holders are realizing more than 20,000 BTC in net profits on a 30-day rolling basis, the first positive reading since December 22, 2025, following a period of heavy net losses in February and March that reached as deep as 398,000 BTC.”
Spikes in realized profit levels during crypto bear markets typically signal local price tops or sideways price action, Moreno said, adding that despite the rise in realized profits, demand has not caught up, and BTC remains in a bear market.
The Bitcoin Short-Term Holder Spent Output Profit Ratio signals that short-term holders are realizing profits. Source: CryptoQuant
Related: Bitcoin ‘supercycle’ or bear-market rally? BTC breaking $81K has traders at odds
Bitcoin ETF inflows remain strong, while analysts are divided on market health
Inflows into Bitcoin exchange-traded funds (ETFs) remain strong, with four days of positive inflows this week, according to Farside data.
ETF inflows for the week surged past $1 billion, before an outflow of $268.5 million on Friday, Farside’s data shows.
Analysts remain divided about whether BTC has bottomed out or whether the ongoing bear market will deepen.
Michael Terpin, an early Bitcoin investor, told Cointelegraph that BTC could bottom out at $57,000 in October 2026. The forecast is based on “historic” price patterns in which BTC hits its cycle low about one year after the cycle top, Terpin said.
There is a “chance” that Bitcoin might reclaim the $100,000 price level in 2026, but the odds are “unlikely,” Terpin told Cointelegraph.
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
