Bitcoin Long-Term Holders Cash In 3.27M BTC, Surpassing 2021 Bull Run
Bitcoin (BTC) long-term holders (LTHs) have realized 3.27 million BTC in profits during the current market cycle, exceeding gains recorded in the 2021 bull run, according to Glassnode data. This surge in profit-taking underscores heightened sell-side pressure as dormant coins reactivate and ETFs facilitate capital rotation.
LTHs—investors holding BTC for at least 155 days—have now extracted more profit than in nearly all previous cycles, with the exception of the 2017 bull market, which saw 3.93 million BTC realized. The 2021 cycle, by comparison, recorded just over 3 million BTC.
Measured in USD, the realized gains are historically significant. With Bitcoin’s price roughly 100 times higher than in 2015, the market has absorbed far greater dollar-value profits this cycle. A large portion of these gains comes from long-dormant “OG” coins returning to circulation.
Recent market activity illustrates this trend: about 80,000 BTC was listed for sale on Galaxy, while an additional 26,000 BTC became active, totaling roughly 100,000 BTC and triggering a modest market correction. Increased trading activity, coupled with ETFs, has contributed to smoother capital rotation and improved market liquidity.
These developments highlight the role of institutional and retail mechanisms in late-cycle Bitcoin dynamics, signaling that the market may be entering a mature phase with growing structural sell-side activity.
