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Bitcoin profit-taking could accelerate as BTC prices climb to three-month highs and investors begin locking in gains, according to Julio Moreno, head of research at onchain analytics platform CryptoQuant.
Moreno said holders realized 14,600 BTC in profits on Monday, or $1.1 billion, following Bitcoin’s April rally. He added that this was the “highest” single day of profit-taking since Dec. 10, when BTC was trading above $90,000.
He also cited the Short-Term Holder Spent Output Profit Ratio (STH-SOPR), an onchain metric that gauges profit-taking by wallets that have held BTC for less than 155 days. Moreno said the metric rose above 1, a level he described as “clear profit-taking territory.”
Moreno further noted that “Bitcoin holders are realizing more than 20,000 BTC in net profits on a 30-day rolling basis,” the first positive reading since Dec. 22, 2025. He said this followed a period of heavy net losses in February and March that reached as deep as 398,000 BTC.
Moreno said spikes in realized profit levels during crypto bear markets typically signal local price tops or sideways price action. He added that despite the rise in realized profits, demand has not caught up and BTC remains in a bear market.
Inflows into Bitcoin exchange-traded funds (ETFs) remain strong, with four days of positive inflows this week, according to Farside data.
Farside’s data shows ETF inflows for the week surged past $1 billion before an outflow of $268.5 million on Friday.
Analysts remain divided on whether BTC has bottomed out or whether the ongoing bear market will deepen.
Michael Terpin, an early Bitcoin investor, told Cointelegraph that BTC could bottom out at $57,000 in October 2026. He said the forecast is based on historic price patterns in which BTC hits its cycle low about one year after the cycle top.
Terpin also said there is a chance Bitcoin might reclaim the $100,000 price level in 2026, but that the odds are unlikely.
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