Bitcoin News Today: Bitcoin's Bull Cycle Enters Critical Transition Phase

Bitcoin long-term holders (LTHs) — defined as investors holding the asset for over 155 days — have realized profits totaling 3.27 million BTC in the current 2024–2025 bull cycle, valued at approximately $260.7 billion at current prices [2]. This level of profit-taking is second only to the 3.93 million BTC realized during the 2016–2017 bull market, indicating that the market is entering the late phase of its current cycle [3]. The surge in realized gains reflects intensifying sell-side activity, as investors capitalize on Bitcoin’s year-long rally to trim exposure.

On-chain data from analytics firm Glassnode reveals a slowdown in network activity, further supporting the idea that the bull run is maturing. The monthly average of adjusted transfer volume has declined by 13% this month, from $26.7 billion to $23.2 billion [1]. Simultaneously, the Taker Buy/Sell Ratio has reached its lowest point since November 2021, signaling a divergence between Bitcoin’s price and market sentiment. This imbalance is interpreted by analysts as a sign of weakening speculative demand [1].

Market watchers have noted that Bitcoin’s price action over the past month reflects a consolidation phase. After hitting a record high of $124,167 on August 14, the cryptocurrency has since retreated to around $111,300, a 10.3% pullback [2]. Despite this correction, Bitcoin’s broader trend remains intact, with year-to-date gains of 76% and stable dominance over the wider crypto market [2]. Analysts have attributed this resilience to institutional inflows and structural market changes, though some caution that the current phase could extend into a broader cooling-off period [4].

Further evidence of shifting market dynamics comes from whale activity. Large investors have begun offloading Bitcoin , with one notable example involving the sale of 24,000 BTC (worth $2.7 billion) from a major wallet [6]. This has led to $3.3 billion in realized gains and triggered a cascade of liquidations across the market. Meanwhile, whales have redirected capital to Ethereum , accumulating $456.8 million in ETH from institutional-grade platforms such as BitGo and Galaxy Digital [7]. Ethereum’s relative outperformance — it has gained 18.5% over the past month compared to Bitcoin’s 6.4% decline — has reinforced speculation that an “altseason” may be emerging [7].

Analysts highlight the potential significance of Bitcoin’s support levels as it continues to consolidate. The $100,000–$107,000 range is considered a critical area, with on-chain data indicating that this zone intersects with the average cost basis of short-term investors and the 200-day simple moving average [5]. If Bitcoin breaches this support, further declines could be expected, with some predicting a potential drop to $92,000–$93,000. Conversely, a stable close above $108,800 would signal reduced selling pressure and a potential resumption of upward momentum [5].

In summary, Bitcoin’s profit-taking has reached near-decade highs, reflecting a maturing bull cycle and growing sell-side pressure. While institutional inflows and structural market changes continue to support the broader uptrend, consolidation and shifting investor sentiment suggest the market is in a critical transition phase. With Ethereum gaining traction among large investors and Bitcoin facing key support levels, the next few weeks will be pivotal in determining the trajectory of the current cycle.

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