Viewpoint: Bitcoin holders are taking profits, but the scale is far lower than at historical peaks.

As Bitcoin (BTC) recently rebounded to around $85,000, holders have started taking profits, but the volume of realized profits is significantly lower than during previous market peaks. Data shows BTC holders have accumulated roughly $2.4 billion in realized profits recently, while daily realized profits typically hit $7 billion to $10 billion during past market peaks. BTC has risen approximately 44% so far this quarter, hitting a peak near $85,000, marking its best quarterly performance since Q4 2024, after three consecutive quarters of declines. Meanwhile, U.S. spot Bitcoin ETFs have seen a combined net inflow of around $2.84 billion over the past six trading days, exceeding BTC holders' realized profits in the same period; year-to-date, the ETFs' cumulative net inflow has also turned positive at roughly $800 million. Ethereum (ETH) has also shown signs of capital outflow from exchanges: around 410,000 ETH has been moved out of trading platforms over the past month, while U.S. spot Ethereum ETFs have attracted a combined $680 million in net inflows over the past four trading days. Following the $452 million Bitget hack, BTC, ETH and other major crypto assets have not shown significant signs of weakening so far. Meanwhile, U.S. Treasury yields and the U.S. Dollar Index have temporarily slowed their rally, but crude oil markets remain highly volatile due to news related to U.S.-Iran tensions.