What happened?
Bitcoin surged to a new all-time high of $126,000 last Monday, but on-chain data shows surprisingly little profit-taking so far. Thirty-day net realized profits are about 0.26 million BTC (roughly $30 billion), roughly half the levels usually seen at local tops. Short-term holders only pocketed small gains and very old coins stayed mostly dormant, so sellers haven’t really shown up yet.
Who does this affect?
Traders and short-term investors face a market where classic sell signals are muted, making it harder to time exits. Long-term holders and “OG” coin owners are largely sitting tight, which limits sell-side supply and benefits those betting on continued upside. Institutions and funds watching on-chain metrics may feel more comfortable staying invested or adding exposure since pressure to sell hasn’t materialized.
Why does this matter?
Low profit-taking lowers the immediate risk of a sharp pullback and makes further price momentum more likely in the near term. Because realized profits and holder behavior are still below past cycle peaks, the market could have room to run before a major correction. That dynamic can draw in more capital, push prices higher, and shape volatility and positioning across spot and derivatives markets.