Short-Term Bitcoin Holders Cash In as Bull Cycle Builds
Glassnode data shows a dramatic shift in BTC profit-taking behavior. While long-term holders had dominated realized profits earlier this year, that trend reversed yesterday as wallets holding BTC for less than 12 months accounted for 83% of all realized gains.
Notably, the 6–12 month cohort alone realized $904 million in daily profit—marking the second-highest profit spike of the year.
This change in profit realization coincides with a critical juncture identified by CryptoQuant report, using the Index Bitcoin Cycle Indicators (IBCI).
After peaking above 75% earlier in the year—signaling market distribution—the IBCI has since corrected and now sits near the 50% zone. This midpoint typically marks a transitional phase in Bitcoin cycles, occurring between post-rally consolidation and a potential new upward leg.
According to historical patterns, the current equilibrium phase often precedes renewed bullish momentum. The absence of widespread euphoria and the steady recovery in BTC price point to a market that is cooling, not collapsing.
Importantly, the IBCI only signals the end of bull cycles when it consistently reaches 100% territory—something that has yet to occur. With Bitcoin still hovering near its all-time highs and on-chain fundamentals strengthening, the market may be preparing for another upward impulse.
Should price action continue to align with this on-chain narrative, a return to the distribution region on the IBCI could confirm the next major leg of the bull cycle.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
