Bitcoin (BTC) long-term holders (LTHs) have already realized more profit in this cycle than in all but one previous cycle (2016 to 2017), according to data from on-chain analytics platform Glassnode.

This underscores elevated sell-side pressure and, when combined with other signals, suggests the market has entered the late phase of the cycle".

Since the start of 2024, LTHs (defined as investors who have held bitcoin for at least 155 days) have realized 3.27 million BTC in profits. This figure has now surpassed the 2021 bull run (just over 3 million BTC) and is far ahead of the 2013 cycle. However, it still trails the 2017 bull run, when realized profits reached 3.93 million BTC.

For context, bitcoin’s average price was around $1,000 in 2015, compared with today’s levels which are roughly 100 times higher. This highlights that the market has absorbed a significantly larger dollar value of realized profits. The sell-side supply has been enormous, with ongoing rotation of capital, including from long-dormant "OG" coins.

Recent market activity illustrates this dynamic: approximately 80,000 BTC was listed for sale at Galaxy, while another 26,000 BTC recently became active.

Altogether, about 100,000 BTC has come up for sale and the market has seen a slight correction, which shows how liquid the market has become. Exchange-traded funds (ETFs) have played a role in facilitating this rotation, while trading volumes have also expanded broadly across the market.

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