Bitcoin profit-taking remains low, suggesting the rally could continue: CryptoQuant
Quick Take Profit-taking remains subdued even after bitcoin hit a new all-time high price of over $126,000 on Monday, CryptoQuant said. That suggests “bitcoin may continue to rally, and that a top is still not on the horizon,” the firm added.
Profit-taking in bitcoin remains low even as the cryptocurrency reached a new all-time high above $126,000 this week, according to onchain analytics firm CryptoQuant.
Bitcoin holders' total net realized profits over the past 30 days total 0.26 million BTC (about $30 billion), roughly 50% below July’s 0.53 million BTC ($63 billion) and well short of the $78 billion and $99 billion peaks seen in March and December 2024, respectively, CryptoQuant said in a Wednesday report. Low realized profits suggest market participants are holding rather than cashing out, a pattern the firm said implies "bitcoin may continue to rally, and that a top is still not on the horizon."
On an annual basis, CryptoQuant noted that net realized profits are still trending upward — a metric historically tied to rising price momentum.
"As long as there's positive momentum on realized profits (holders taking profit at higher levels), it indicates that prices may trend upward. In the past, bull markets have ended as holders sell into lower realized profits," Julio Moreno, CryptoQuant’s head of research, told The Block.
Moreno added that when net realized profits begin to decline, it typically signals that new buyers are selling rapidly and realizing losses that exceed the profits of earlier holders.
Short-term holders recently realized gains at margins of only 2% — well below the 8% levels typically linked to market tops — while long-term holders’ realized margins stand near 129%, versus extreme peaks of around 300% (or roughly 4× returns), CryptoQuant said.
Spending by "OG" holders — addresses holding bitcoin for over a decade — also remains relatively low. Only 5,000 BTC were moved from these wallets in the last 30 days, half the amount sold in prior peaks in March and December 2024, and 29% below May 2025 levels, the firm noted.
Overall, low realized profits and low long-term holder activity suggest little sign of a market top forming, according to CryptoQuant.
Last week, CryptoQuant projected that bitcoin’s rally could continue into the fourth quarter, potentially targeting a range of $160,000 to $200,000 if demand holds strong. JPMorgan analysts also weighed in , saying bitcoin is significantly undervalued compared to gold, implying upside toward $165,000 — driven by retail investors embracing the "debasement trade" via ETF inflows.
Bitcoin is currently trading at around $123,650, up 2.4% in the past 24 hours, per The Block's bitcoin price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
