Glassnode: long-term holders have already realized BTC profits comparable to the peaks of previous cycles.
#Glassnode notes that long-term holders of #BTC (LTH) have already realized a total of about 3.27 million BTC in profit during the current bull cycle - more than in most previous cycles, second only to the 2016-2017 cycle (when the peak reached about 3.93 million BTC).
The metric on the chart - Cumulative LTH Realized Profit. Essentially, this is the total profit that long-term holders have "realized" when selling coins within the current bull market. The rise of the curve reflects increased selling pressure from LTH.
LTH profit-taking has accelerated against the backdrop of recent peaks, and this is a sign of the late phase of the cycle when "old" coins are more actively entering the market.
Even so, current values are still below the historical maximum of the 2016-2017 cycle, meaning there is formally still room for continued distribution. Additionally, it's worth noting that this cycle is interesting - there is both a mass awakening of ancient addresses and institutional interest, as well as OTC trades.
That said, the market has entered a stage where each new impulse requires significant fresh demand to absorb LTH sales. This is NOT equivalent to a peak, but indicates increased risks of ranging/distribution and necessitates being more selective about entry points for long positions.
