#TrumpTariffs Bitcoin (BTC) steadies around $121,300 at the time of writing on Friday, after setting a new record high of $126,199 four days ago. While BTC experiences a minor correction so far this week, profit-taking remains modest and overall selling pressure continues to stay low. Meanwhile, the institutional demand keeps strengthening, with $2.72 billion in fresh inflows by Thursday, suggesting the rally may still have more room to run.
Bitcoin rally pauses as holders realize some profit
Bitcoin price started the week on a positive note, reaching a new all-time high of $126,199 on Monday. However, this upward momentum paused and BTC experienced a slight 2.5% pullback until Friday this week, as holders realized some gains.
This can be seen from the chart below, where Santiments’ Network Realized Profit/Loss (NPL) metric showed a spike on Monday, Tuesday and Wednesday for BTC, indicating that holders are, on average, selling their bags at a significant profit and increasing the selling pressure.
BTC NPL chart. Source: Santiment
BTC NPL chart. Source: Santiment
Despite some profit-taking, CryptoQuant reported that selling pressure remains low after Bitcoin’s new all-time high of $126,199. This indicates the rally may have further room to run, and a market top is not yet in sight.
The chart below shows that the total net realized profits of Bitcoin holders over the last 30 days stand at 0.26 million BTC on Wednesday, equivalent to a $30 billion profit. This level is 50% below July’s previous peak of 0.52 million BTC or $63 billion profit, and far from the March and December 2024 levels of $78 and $99 billion profits, respectively.
“Low levels of profit-taking indicate that market participants are not selling heavily and that the price rally may continue ahead,” said CryptoQuant’s analyst.
Moreover, selling activity from Bitcoin “OGs” also remains relatively low. Bitcoin's spending of 10+ year-old coins in the last 30 days stood at 5,000 on Wednesday – half of the expenditure seen in previous price peaks in March and December 2024, 29% below.$OP
Bitcoin rally pauses as holders realize some profit
Bitcoin price started the week on a positive note, reaching a new all-time high of $126,199 on Monday. However, this upward momentum paused and BTC experienced a slight 2.5% pullback until Friday this week, as holders realized some gains.
This can be seen from the chart below, where Santiments’ Network Realized Profit/Loss (NPL) metric showed a spike on Monday, Tuesday and Wednesday for BTC, indicating that holders are, on average, selling their bags at a significant profit and increasing the selling pressure.
BTC NPL chart. Source: Santiment
BTC NPL chart. Source: Santiment
Despite some profit-taking, CryptoQuant reported that selling pressure remains low after Bitcoin’s new all-time high of $126,199. This indicates the rally may have further room to run, and a market top is not yet in sight.
The chart below shows that the total net realized profits of Bitcoin holders over the last 30 days stand at 0.26 million BTC on Wednesday, equivalent to a $30 billion profit. This level is 50% below July’s previous peak of 0.52 million BTC or $63 billion profit, and far from the March and December 2024 levels of $78 and $99 billion profits, respectively.
“Low levels of profit-taking indicate that market participants are not selling heavily and that the price rally may continue ahead,” said CryptoQuant’s analyst.
Moreover, selling activity from Bitcoin “OGs” also remains relatively low. Bitcoin's spending of 10+ year-old coins in the last 30 days stood at 5,000 on Wednesday – half of the expenditure seen in previous price peaks in March and December 2024, 29% below.$OP
