Bitcoin Holders Are Cashing Out, Just Not the Way They Did at Prior Market Tops

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The recent jump in Bitcoin’s BTC$83,520.54 value has prompted certain traders to offload tokens in order to secure gains on their positions. Nevertheless, the velocity of this activity is significantly lower than during past market peaks, which serves as an encouraging signal for the ecosystem.

According to figures from CoinDesk, BTC has surged 44% approaching nearly $85,000 within this quarter, marking its finest performance since the final three months of 2024. This robust advance follows three consecutive quarters characterized by negative returns.

Naturally, participants are locking in gains, as demonstrated by the net realized profit and loss indicator. This metric tracks the dollar value locked in when tokens actually transfer on-chain at valuations exceeding their previous transaction price.

Market researchers view that prior transaction as a cost basis: if a token was acquired or last spent at $40,000 and subsequently transferred or disposed of at $84,000, the $44,000 variance is recorded as realized profit.

Based on metrics monitored by Bitfinex, investors have recently locked in $2.4 billion worth of profits following the price escalation.

“BTC holders just realised $2.4bn in profits. At prior market tops, daily realized profits ran between $7bn and $10bn,” Bitfinex said on X.

Meanwhile, ETFs continue to attract money, registering a net inflow of $2.84 billion over six sessions. This total exceeds the profit amounts realized by holders. Furthermore, ETFs currently exhibit nearly $800 million in positive net inflows for the year.

Ether is similarly displaying optimistic indicators. Per Bitfinex data, roughly 410,000 ETH have been withdrawn from exchanges over a single month, while American spot ether ETFs have pulled in $680 million in capital across four trading periods, fostering a favorable near-term outlook.

As of this writing, bitcoin, ether, and other prominent digital assets displayed no indications of vulnerability in the aftermath of the $452 million Bitget hack.

Within traditional finance, upward movements in the Dollar Index and Treasury yields appear to have paused for the moment, providing respite for risk-on assets. Still, petroleum price volatility remains elevated amidst conflicting reports regarding the conflict involving Iran. Remain vigilant!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

• Bitcoin ETFs have erased a $5.8 billion hole (CoinDesk): Investors have poured billions into U.S.-listed spot bitcoin exchange-traded funds (ETFs) throughout recent weeks. Consequently, these investment vehicles now hold nearly $800 million in yearly net inflows, representing a complete reversal from earlier quarterly losses.
• Bitget’s $352 million hack happened via spoofed transfers, not private keys, CEO Gracy Chen says (CoinDesk): Cryptocurrency exchange Bitget suffered a $351.6 million loss due to an overnight breach. Chief Executive Officer Gracy Chen explained that hackers fabricated transfer requests to siphon assets rather than compromising “private keys.” This distinction is critical as it highlights a less menacing exploitation vector.
• Stocks weather bond storm, oil retreats slightly (Reuters): Global equities advanced toward their strongest weekly showing since early August, as enthusiasm surrounding artificial intelligence and expectations of relief in Middle Eastern energy supplies overshadowed mounting bond yields temporarily. Crude oil valuations pulled back as market participants evaluated the potential for a cessation of hostilities between the U.S. and Iran.
• Stock futures are little changed as Dow heads for fourth straight losing week (CNBC): U.S. stock index futures showed minimal movement early Friday while Treasury yields persisted in their upward trajectory. S&P 500 futures slipped 0.05%, whereas Nasdaq-100 contracts ticked slightly upward. Futures associated with the Dow Jones Industrial Average rose by 3 points, equating to a 0.01% increase.

Today’s signal

The chart illustrates solana’s daily price movements using candlestick patterns alongside the overlay of its 365-day moving average.

SOL price is currently trading at a premium relative to its 365-day average, representing a bullish breakout that hints at a long-term shift toward a positive market trend. Bitcoin has experienced a comparable pattern on its respective price charts.

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Originally published at https://www.coindesk.com/daybook-us/2026/09/25/bitcoin-holders-are-cashing-out-just-not-the-way-they-did-at-prior-market-tops.