Bitcoin’s rally to a new all-time high of $126,000 last Monday has yet to trigger the kind of mass profit-taking usually seen near market tops. On-chain data shows that investors remain confident, with selling pressure still muted even after record gains, according to CryptoQuant.
Data shows Bitcoin holders’ net realized profits over the last 30 days stand at 0.26 million BTC, equivalent to roughly $30 billion in profits. This is 50% below levels typically associated with local tops, such as the 0.53 million BTC ($63 billion) recorded in July 2025.
It’s also far from the extreme profit-taking seen in March and December 2024, when profits reached $78 billion and $99 billion, respectively. The relatively low amount of profit realization suggests that the market may still have further upside before major holders begin to lock in gains.
On-Chain Indicators Support Further Strength
Looking at longer-term trends, annual realized profits continue to trend upward, signaling a healthy, expanding market. Historically, major peaks have coincided with a stalling in this growth rate—most notably in December 2021, when realized profits flattened before Bitcoin entered a bear cycle.
The current upward trajectory implies that, for now, momentum remains intact and a cyclical top is not yet confirmed, reports CryptoQuant.
Holder Behavior: Profits Still Below Extreme Levels
Both short-term and long-term holders are showing restraint. Short-term holders have recently taken profits at around a 2% margin, far below the 8% levels typically associated with overheated markets.
Meanwhile, long-term holders are sitting on an average realized profit margin of 129%, which, while substantial, is still far from the extreme 300% (4x)levels reached in previous cycle peaks.
This indicates that even seasoned investors—those who have held Bitcoin through multiple market phases—are not aggressively selling into strength. Instead, their behavior suggests confidence in the ongoing rally and potential for higher valuations ahead.
Old Coins Stay Dormant
Another sign of market maturity is the continued low selling activity among Bitcoin “OGs.” Coins older than ten years remain largely untouched, with just 5,000 BTC spent over the last 30 days.
That’s roughly half the amount typically seen during major tops, such as those in March and December 2024, and nearly 30% below May 2025 levels.
The reluctance of long-term holders to part with their oldest coins underscores a broader trend of conviction holding across the ecosystem. Combined with subdued profit-taking, these factors suggest that Bitcoin’s rally could have further room to run, as on-chain indicators continue to point toward sustained investor confidence rather than exhaustion.
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