The view is that BTC holders are taking profits, but the scale is far below historical tops.

Bitcoin holders have started taking profits after the token rebounded to about $85,000, but the scale of realized gains remains well below what is normally seen during previous market peaks. BlockBeats reported on Sept. 25 that recent BTC holders have booked about $2.4 billion in cumulative realized profit. That contrasts with earlier market-top periods, when single-day realized profits typically reached $7 billion to $10 billion. The gap suggests that, despite a sharp quarterly advance, profit-taking has not yet reached the intensity associated with a top.

Profit-taking is visible, but not top-level

BTC has risen about 44% this quarter and reached a high near $85,000, making it the best-performing quarter since the fourth quarter of 2024. That recovery follows three consecutive quarters of declines, meaning many holders have seen their positions turn positive or improve after a long stretch of weakness.

Realized profit measures the gain that holders record when they sell at a price higher than their cost basis. A strong price move often encourages holders to lock in gains, but the current $2.4 billion figure is still modest compared with the daily profit-taking that has historically appeared at market peaks.

That does not mean selling pressure has disappeared. It means that, so far, the amount of profit being taken out of the market has not matched the levels seen during previous tops. The key question is whether this restraint continues if BTC keeps testing higher levels.

ETF inflows have outpaced realized profit-taking

US spot Bitcoin ETFs have recorded about $2.84 billion in net inflows over the past six trading days, exceeding the realized profit taken by BTC holders over the same period. Year to date, net inflows for these ETFs have also turned positive, reaching about $800 million.

This flow comparison matters because it shows that ETF demand has been large enough to stand out against holder profit-taking. When ETF inflows are bigger than realized gains from selling, it can help absorb some of the supply coming from holders who are locking in profits.

Still, ETF flows are only one part of the market. They do not remove the risk of further profit-taking, nor do they guarantee that every holder will continue to refrain from selling. What they do show is that, in recent sessions, new buying demand from ETF channels has been strong relative to the profits being realized by BTC holders.

Ethereum also shows signs of moving off exchanges

Ethereum is showing a related pattern. Over the past month, about 410,000 ETH has moved out of trading platforms. At the same time, US spot Ethereum ETFs have attracted roughly $680 million over the past four trading days.

The combination of exchange outflows and ETF inflows points to a market where coins are leaving trading platforms while ETF demand continues to draw capital. The data does not explain the destination of the outflows or the motives of the buyers, but the pattern is similar to the one seen in Bitcoin: reduced exchange supply alongside institutional-style demand.

For ETH holders, the signal is not that selling pressure has vanished. It is that recent market behavior suggests a mix of reduced exchange availability and continued ETF interest, at least in the short term.

Hack event and macro backdrop have not clearly weakened prices

The Bitget incident, involving about $452 million, has not by itself triggered an obvious decline in BTC, ETH or other mainstream crypto assets. The market reaction so far suggests that the hack has not become the dominant driver of price weakness.

The macro backdrop is also mixed. The rise in US Treasury yields and the dollar index has temporarily slowed, a condition that can reduce pressure on risk assets. However, oil markets remain volatile because of news tied to the U.S.-Iran situation. That keeps the broader risk environment unsettled, even as crypto prices have not shown obvious weakness.

The next focus for readers is simple: whether ETF inflows continue to offset holder profit-taking, whether Ethereum’s exchange outflows persist, and whether macro and geopolitical developments keep crypto prices from turning sharply lower after the recent rebound.