Bitcoin's recent rise to around $87,000 has triggered weaker profit-taking than in August, according to Axel Adler Jr. According to ChainCatcher, realized profits during the second rally peak were 19% lower than at the first peak, while realized losses also declined.

At the first rally peak on August 26, Bitcoin traded at about $78,600 and realized profits over the previous seven days reached $9.1 billion. At the second rally peak on September 24, Bitcoin climbed to $84,100 and realized profits over the previous seven days fell to $7.3 billion, down 19% from the prior round. Over the same period, realized losses over the previous seven days dropped from $2.6 billion to $1.5 billion. As of today, Bitcoin's net realized profit over the past seven days stands at $4.3 billion.

Short-term holder SOPR has remained above 1 since August 20, indicating that Bitcoin moved by short-term holders is still being sold at a profit, though the margin has narrowed. At the August 26 peak, short-term holder SOPR implied a profit margin of 2.8%. At the September 23 peak, it fell to 1.6%, and as of today it has declined further to 1%. During Bitcoin's pullback to $76,500 on September 17, short-term holder SOPR briefly fell to 1.003, with the profit margin narrowing to 0.3% but not dropping below 1.