Bitcoin’s long-term holders are still sitting on profit, with Glassnode’s latest breakdown showing roughly 60.9% of circulating $BTC supply held by long-term holders remains in profit, while 27.0% is at a loss as of September 13, 2026. That’s a fairly different picture from the usual “old holders are dumping everything” narrative.
Here’s the part that matters: “LTHs are profitable” does not mean they are all holding without selling. Glassnode defines long-term holders using coin age, with the classification centered around roughly 155 days, and its profit/loss metric tracks the supply held by those cohorts relative to their estimated acquisition cost.
So the useful signal isn’t simply that older BTC holders are green. It’s whether that profitable supply is actually being distributed into the market. Glassnode’s latest research says profit-taking remains relatively light compared with previous cycle tops, while BTC is holding above the major long-term holder supply block around $84K–$85K.
That distinction matters. A holder can be deeply profitable and still do absolutely nothing with the position. I can’t infer individual intent from on-chain data alone, but the aggregate behavior currently looks more like controlled profit realization than a broad long-term-holder exit.
So when someone says “BTC holders are in profit,” the better question isn’t how much is green? It’s how much of that profitable supply is actually moving?
Here’s the part that matters: “LTHs are profitable” does not mean they are all holding without selling. Glassnode defines long-term holders using coin age, with the classification centered around roughly 155 days, and its profit/loss metric tracks the supply held by those cohorts relative to their estimated acquisition cost.
So the useful signal isn’t simply that older BTC holders are green. It’s whether that profitable supply is actually being distributed into the market. Glassnode’s latest research says profit-taking remains relatively light compared with previous cycle tops, while BTC is holding above the major long-term holder supply block around $84K–$85K.
That distinction matters. A holder can be deeply profitable and still do absolutely nothing with the position. I can’t infer individual intent from on-chain data alone, but the aggregate behavior currently looks more like controlled profit realization than a broad long-term-holder exit.
So when someone says “BTC holders are in profit,” the better question isn’t how much is green? It’s how much of that profitable supply is actually moving?
