Following Bitcoin hitting its current all-time high (ATH), long-term holders (LTHs) have been actively taking profits. This behavior comes as the cryptocurrency consolidates, aiming to cool off from the recent rally.
The intensity of profit-taking from LTHs has sparked speculation regarding whether the market has peaked for this cycle. However, Gaah, a pseudonymous analyst at the market intelligence platform CryptoQuant, believes that the top is not yet in sight.
LTHs Take Profits
According to Gaah, the LTH Spent Output Profit Ratio (SOPR) has surged to its highest level in 2025. While the indicator has crossed the mid-range, it remains below the red zone, which has historically marked cycle tops in past bull markets.
The current SOPR level indicates an uptick in selling activities among LTHs, as they capitalize on their profits. Notably, this surge has not reached excessive levels. Gaah suggests that such high SOPR levels are typically observed during periods of euphoria and mass distribution, further indicating that the market has not yet peaked, despite Bitcoin’s remarkable rise past $123,000.
Market experts, analyzing historical data, see macro top signals when the LTH SOPR exceeds a level of 4.0. Presently, the metric is slightly above 2.5, which supports the notion that there is still room for further price appreciation before the market becomes overstretched.
“This behavior indicates a heated market, but still far from a final top. Investors should monitor the continuation of this trend as a sign of the cycle’s maturation, while remaining aware of the risks associated with significant corrections along the way,” Gaah added.
Whale Inflows to Exchanges Rise
Simultaneously, the surge in LTH profit-taking is evident in the rising flows from Bitcoin whales to cryptocurrency exchanges. A recent report revealed that the monthly average of whale inflows increased by approximately $17 billion, from $28 billion to $45 billion. This growth was observed between July 14 and 18, coinciding with BTC’s first touch of $123,000.
The rise in exchange inflows reflects the transfer of at least 80,000 BTC as whales endeavor to lock in their profits.
Although analysts maintain that Bitcoin’s outlook remains bullish, the market exhibits slight fragility in the near term. Continued profit-taking by whales, LTHs, and even retail investors could further exacerbate this volatility. Fortunately, CryptoQuant has also reported a decline in daily whale inflows to exchanges, indicating that selling pressure is beginning to ease. Nonetheless, BTC could either consolidate or face a deeper correction before embarking on its next upward movement.
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