Key Points:
Long-term holders' realized Bitcoin profits are still significantly lower than during the 2024 period.
Research estimates that to return to the 2024 level, BTC/USD needs to rise to $140,000.
The current price trend is attempting to break through a declining trend that has lasted for several weeks, with consolidation still ongoing.
Bitcoin must rise to $140,000 for seasoned investors to experience profit levels comparable to the early stages of this bull market.
Recent research from on-chain analysis platform CryptoQuant shows that $140,000 has become a key price point for long-term Bitcoin holders (LTHs).
Recently, as Bitcoin prices have repeatedly hit new highs but struggled to stabilize, profit-taking activities in the market have increased.
In particular, LTH investors—those who have held BTC for at least six months without selling—have become a major source of selling pressure.
Comparing current realized profits with previous bull market peaks reveals that the overall profits for long-term holders in 2025 are far below the peak levels of past cycles.
To address this, CryptoQuant used the Market Value to Realized Value (MVRV) ratio to compare the current value of circulating Bitcoin with its price at the last transfer.
Author Darkfost wrote in his "Quicktake" blog: "According to the MVRV ratio, the current average realized profit is about 220%."
He added that although this figure "is not low for BTC," the average realized profits for LTHs reached approximately 300% and 350% in March and December 2024, respectively.
The overall cost basis for long-term holders, or realized price, is now about $33,800.
Darkfost concluded that the price needed to bring LTHs' unrealized profits back to 2024 levels will become a "magnet" for the market.
"While these profits may seem considerable now, there is still a significant gap compared to the peak phase of this cycle," he stated. "To return to that level of profit, the BTC price needs to rise to $140,000. Many are looking forward to this price point."
As reported by Cointelegraph, the vast majority of Bitcoin investors currently hold up to $2.5 trillion in unrealized profits.
Meanwhile, market participants generally believe that the Bitcoin market has the capacity to absorb the current selling pressure and is in a new phase of price consolidation.
"The next technical move is the expected breakout followed by a retest," noted well-known trader Rekt Capital in his recent weekly analysis of BTC/USD trends on the X platform.
Rekt Capital explained that Bitcoin is attempting to break out of a declining channel that has persisted for several weeks since mid-May.
He predicted this bull market may only have a few months left, after which the market will experience a sharp rise in phase peaks and trend reversals.
Related: Arizona Governor vetoes bill on seized cryptocurrency reserve fund
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Latest Research Shows: Amid Bitcoin (BTC) Profit-Taking Wave, $140K Becomes Key Price Point”
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