Bitcoin Faces Over $1B in Daily Profit-Taking

According to Glassnode, these BTC sellers—mostly intra-cycle participants who bought earlier in the rally—have pushed realized profits to $1.47 billion per day at the recent peak. This level of profit-taking, adjusted to exclude internal exchange flows, marks the fifth wave this cycle in which daily profit realization exceeded the $1 billion threshold.

The report says that historically, such spikes align with short-term local tops or consolidations, especially if the market struggles to absorb realized gains. The current environment, therefore, puts a spotlight on market resilience amid elevated distribution.

Profit-Taking Becoming More Tempered Over Time

To understand the broader implications, Glassnode’s analysts assessed the trend using a 90-day simple moving average (SMA) of net realized profit normalized by Bitcoin’s market cap.

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This method reveals how profit realization intensity has shifted over cycles as the market matures.

2015–2018 Cycle: Lasted ~25 months, peaked above 0.4% of market cap. 2020–2022 Cycle: Ran ~20 months, peak reached ~0.15%. Current Cycle (Nov 2023–Today): Now in its 18th month, with two peaks around 0.1% of market cap.

This decreasing peak trend suggests profit realization has become more disciplined, possibly reflecting reduced volatility, better capital management, and the influence of institutional investors. Rather than boom-bust euphoria, the market may be undergoing a structured rotation of capital, signaling greater maturity in the asset class.

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