Bitcoin holders are sitting on roughly $1.2 trillion in unrealized profits, according to Glassnode, reflecting a strong shift in investor behavior as the market matures.
Despite BTC trading near all-time highs, few seem eager to cash out.
The data shows that the average unrealized profit per investor is currently around 125% — a dip from March’s 180% peak when Bitcoin topped $73,000. Still, daily realized profits remain muted at around $872 million, far lower than the multi-billion-dollar spikes seen in previous rallies.
This subdued activity paints a clear picture: long-term conviction is outweighing profit-taking. Glassnode reports that accumulation continues to dominate, with most holders simply holding tight rather than selling into strength.
Analyst Rezo argues this signals a deeper change in who owns Bitcoin. Gone are the days when traders chased quick exits. The market is increasingly led by institutions and ETFs that treat BTC as a long-term strategic asset. He pointed to firms like MicroStrategy (now Strategy), which increased its holdings by 18% last quarter, and ETFs that saw an 8% bump in exposure.
Rezo believes most short-term profit-chasers already exited between $70K and $100K. What remains, he says, are allocators — not speculators — who view Bitcoin less as a trade and more as a macro thesis.
