A report from Glassnode suggests Bitcoin long-term holders have already realized extra revenue this cycle than in many of the earlier ones.
Bitcoin Lengthy-Time period Holder Revenue-Taking Might Trace At Late-Stage Bull Part
In its newest weekly report, on-chain analytics agency Glassnode has mentioned how the cumulative revenue taken by the long-term holders (LTHs) has seemed within the present cycle thus far.
The LTHs discuss with the BTC buyers who’ve been holding onto their cash for greater than 155 days. Statistically, the longer a holder retains their cash dormant, the much less doubtless they’re to maneuver/promote them sooner or later. As such, the LTHs with their comparatively lengthy holding time are made up of the diamond fingers of the market.
Although whereas this cohort does have a tendency to sit down silent for lengthy stretches, it doesn’t imply its members don’t take part in promoting ever. Due to their persistence, the LTHs rack up giant positive aspects over the course of a cycle, and finally, there comes some extent the place the temptation of profit-taking is an excessive amount of for even these resolute fingers to beat back.
Peaks of their revenue realization have traditionally outlined the intense part of the cycle. As such, it may be value monitoring how a lot revenue these holders are taking. A technique to take action is thru the Realized Revenue indicator.
Beneath is the chart shared by Glassnode that exhibits the development within the cumulative Bitcoin LTH Realized Revenue ranging from when BTC set a brand new all-time excessive (ATH) in every cycle, to the cycle’s closing peak.
Appears like the worth of the metric was the best within the 2017 bull run | Supply: Glassnode's The Week Onchain - Week 33, 2025
The rationale the analytics agency has picked the primary ATH breakout as the beginning level is that these HODLers usually solely ramp up their profit-taking round then. The bull run continues so long as sufficient demand is coming in to soak up their promoting, and as soon as inflows run out, the cycle hits its peak.
From the graph, it’s seen that the Bitcoin LTH Realized Revenue has totaled 3.27 million BTC within the present cycle thus far. That is greater than all earlier cycles, aside from the 2017 bull run.
The development may very well be a possible trace that the cryptocurrency is within the late stage of its present cycle. One other metric that would level to an analogous conclusion is the P.c Provide in Revenue.
The development within the P.c Provide in Revenue over the historical past of the asset | Supply: Glassnode's The Week Onchain - Week 33, 2025
As displayed within the chart, the Bitcoin P.c Provide in Revenue has exceeded a worth one normal deviation above its imply on 273 days on this cycle. That is the second-highest on document, with the 2016-2018 cycle as soon as once more being the one one with extra.
Whereas each of those metrics help the thought of Bitcoin being in an excessive part, there nonetheless stays the likelihood that the present cycle will merely turn into completely different from the earlier ones. As such, it solely stays to be seen how issues play out from right here.
BTC Value
On the time of writing, Bitcoin is buying and selling round $113,400, down virtually 4% over the previous week.
The worth of the asset has been following a bearish trajectory | Supply: BTCUSDT on TradingView
Featured picture from Dall-E, Glassnode.com, chart from TradingView.com
Editorial Course of for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our staff of high expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
