Bitcoin Holders Lock In $2.46 Billion Gains In Single Day

Bitcoin holders have been locking in significant gains in late June, with realized profits on Bitcoin climbing to about $2.46 billion in a single day, according to Glassnode. This surge drove the 7-day moving average of realized profits to roughly $1.52 billion, which is notably higher than the year-to-date average of $1.14 billion. However, these figures are still well below the peak levels seen during the late-2024 rally, which reached roughly $4–5 billion per day. This indicates that while selling pressure has increased from earlier in 2025, it remains a fraction of the frenzy observed a year ago.

The recent uptick in profit-taking has put modest downward pressure on Bitcoin’s price. On July 1, 2025, the sell-off contributed to about a 1% drop in BTC, bringing it near $107,000. Since mid-May, Bitcoin has generally traded within a $100,000–$110,000 range. The late June pullback was capped by buying support near $100K, consistent with Glassnode’s observation that the market has been consolidating in this band since early May.

Most of the profit-taking has been driven by veteran holders rather than new buyers. Glassnode data showed that coins held for 3–5 years realized roughly $849 million in profits in late June, the largest share of any age cohort. The next-biggest contributions came from coins held for 7–10 years ($485 million) and 1–2 years ($445 million). In contrast, short-term holders (those owning BTC for under 1 year) have claimed only a few million in profits, with Glassnode reporting less than $6 million for the youngest cohort.

This pattern is also evident among the largest “whale” wallets. On-chain analytics show that wallets with 1,000+ BTC have slightly reduced balances in recent weeks, even as institutional inflows continue to buy into Bitcoin. Crypto data firms view this redistribution by whales as a sign of a maturing market, not panic selling. Dispersing large holdings can broaden the base of coin ownership for the next cycle.

As holders cash out, Bitcoin’s price has remained relatively stable. BTC has “remained confined” below $110,000 in recent weeks. Glassnode analysis notes that the coin has been bouncing between roughly $100K and $110K since May, reflecting a market in balance. In late June, the price briefly dipped toward $99,000 before rebounding back above $100,000, in line with a strong demand zone identified by on-chain data.

On-chain activity metrics are also cooling. Glassnode found that the 7-day average of BTC transfer volume dropped by about 32% from its late-May high. Spot trading volumes in June were far lower than the peaks seen during the last bull-run. All told, the data suggest that the surge to $110K in May was not accompanied by a broad speculative frenzy. Instead, profit-taking by long-term holders is being largely absorbed by steady demand, keeping the market range-bound.

Market veterans largely see the recent selling as a normal retrenchment. Steve Gregory, CEO of a crypto broker, noted that $100,000 has become a key psychological take-profit level. These investors, Gregory explained, are “not early whales, and not recent retail entrants chasing sky-high targets,” but rather pragmatic buyers sitting on outsized returns. From Gregory’s perspective, the current wave of selling shows signs of exhaustion rather than panic. He observes that “many of the current sellers aren’t abandoning the asset; rather, they’re seeking to re-enter at a lower basis.” In other words, holders are locking in profit now but expect to buy back in later if prices dip. “As this wave of profit-taking wanes, we expect the market to find upward momentum once again,” Gregory says. In this view, the uptick in realized gains is a brief pause in the rally, not a turning point.