Analysis: Bitcoin surged 44% this quarter, but profit-taking is far below historical market-top levels

Tapbit news reported on September 25, citing CoinDesk, that Bitcoin rose 44% this quarter to nearly $85,000, marking its best quarter since Q4 2024, after BTC had fallen for three consecutive quarters. As prices rose, some holders began taking profits. Bitfinex data shows that BTC holders recently realized cumulative profits of about $2.4 billion, whereas during historical market tops, single-day realized profits typically reached $7 billion to $10 billion, meaning the current profit-taking scale is clearly below previous market tops.

Meanwhile, U.S. spot Bitcoin ETFs recorded cumulative net inflows of $2.84 billion over the past six trading days, exceeding BTC holders' realized profits over the same period, with cumulative net inflows approaching $800 million so far this year. Bitfinex also said that about 410,000 ETH flowed out of exchanges over the past month, and U.S. spot Ethereum ETFs attracted a cumulative $680 million over four consecutive trading days. CoinDesk noted that, under the influence of factors such as recent capital inflows and the scale of holders' profit-taking, major crypto assets like BTC and ETH have not shown significant weakness due to the roughly $452 million security incident at Bitget.