Recent data from blockchain analytics firm Glassnode reveals an intriguing behavior among veteran investors in the Bitcoin market. Despite prices returning to high levels around $109,000—similar to those seen in May—realized profits from wallets holding Bitcoin for over a year have dropped by 89%.
According to the “Realized Profit” metric, which measures the difference between the purchase and sale price of each coin moved on-chain, profits from long-term holders (those who haven’t moved their BTC for over a year) amounted to just $13.6 million in the past 24 hours—down from a peak of $126 million during a major sell-off in late May.
This sharp drop in profit-taking activity from what the crypto community calls “HODLers” (long-term holders) reflects a shift in sentiment. Despite prices being near previous highs, these investors are choosing not to sell—potentially indicating optimism that the current rally has more room to grow.
Historical data supports this view. Often, when long-term holders remain inactive and resist selling, it signals market confidence and stability. These investors are considered the backbone of the Bitcoin ecosystem and are typically less influenced by short-term market fluctuations or news events.
Moreover, their reluctance to sell reduces selling pressure in the market, allowing for stronger upward momentum if demand increases—particularly from new investors. This behavior also reinforces Bitcoin’s nature as a “digital scarce asset,” one of its core value propositions.
In summary, despite high prices, the lack of realized profits from veteran investors could point to a new phase of “silent accumulation,” which may precede another bullish run—especially amid growing institutional interest and global confidence in Bitcoin’s role as a hedge in uncertain financial markets.
