Bitcoin leads $2.8 billion profit wave amid market contraction concerns, Glassnode data shows

Crypto investors holding the top five digital assets by market capitalization for more than 1 month have realized nearly $2.8 billion in profits over the past month, according to data from Glassnode.

According to the blockchain analytics firm, the crypto market is beginning to show signs of contractions due to the significant profit-taking across Bitcoin, Ethereum, Solana, XRP, and Tron as traders sought to lock in gains from recent market strength.

Bitcoin drives the majority of realized gains

Glassnode’s data shows that Bitcoin led the profit-taking among these digital assets, accounting for more than 50% of the activity.

On July 18, Bitcoin holders who had owned the flagship crypto for more than a month realized over $1.5 billion in gains. According to Glassnode, this is the largest single profit withdrawal since December 2024.

Bitcoin Realized Profit (Source: Glassnode)

Notably, the profit-taking spike coincided with Bitcoin price climbing above $119,000, well above its current level of $113,000. This means the rally provided an attractive opportunity for investors to lock in returns while sentiment remained bullish.

Meanwhile, Ethereum, the second-largest digital asset by market capitalization, followed a similar trajectory.

Ethereum Realized Profit (Source: Glassnode)

On Aug. 16, long-term ETH holders pulled approximately $575 million from the market, marking the largest profit event for the token in this cycle.

Interestingly, this wave of selling has contributed to an 11% decline in Ethereum’s price over the past week, bringing it down to $4,177.

XRP leads profit-taking among major altcoins

Other major cryptocurrencies also recorded notable profit-taking events during the past month.

Solana investors realized over $105 million on Aug. 17, marking the most significant withdrawal since the early 2025 price surge above $200.

Solana Realized Profit (Source: Glassnode)

Meanwhile, XRP holders followed suit, taking profits of approximately $375 million on July 24, signaling a distribution pattern reminiscent of December 2024’s rally, which was catalyzed by Donald Trump’s election victory.

XRP Realized Profit (Source: Glassnode)

Additionally, the Justin Sun-linked Tron network investors also posted a record profit realization of $230 million on Aug. 6, the highest in the network’s history.

Tron Realized Profit (Source: Glassnode)