New research from onchain analytics platform CryptoQuant says that the $140,000 mark is a key price point for Bitcoin's long-term holders (LTHs) . Bitcoin has witnessed an uptick in profit-taking in recent weeks as price hits all-time highs but struggles to maintain them .
In particular, LTH investors – entities hodling BTC and not selling for at least six months – have contributed the lion's share of selling pressure . Comparing current realized profits to earlier bull-market peaks shows that LTHs are not as deep “in the black” as before in 2025 .
To do this, CryptoQuant leveraged the Market Value to Realized Value (MVRV) metric, which compares the value of coins in circulation to the price at which they last moved . The average realized profit, “based on the MVRV ratio, currently stands at around 220%,” contributor Darkfost wrote in one of its “Quicktake” blog posts . Darkfost argued that while the figure “may seem high for BTC,” March and December 2024 saw “average realized profits among LTH were around 300% and 350%, respectively” .
The aggregate cost basis, also known as realized price, for LTHs is now approximately $33,800 . Concluding, Darkfost argued that the price at which LTH's unrealized profits match 2024 levels is a form of market magnet . “Although these profits may seem substantial, we're still far from the levels observed during the tops of this cycle,” he concluded . “To return to those profit levels, BTC would need to reach $140,000. A price level that many are calling for” .
Meanwhile, Bitcoin Profit-Taking Activity Rises, Surpassing Annual Average . According to PANews, recent data from Glassnode indicates a notable increase in profit-taking activities within the Bitcoin network . On the previous day, realized profits from Bitcoin transactions reached $2.46 billion . The seven-day moving average (SMA) has risen to $1.52 billion, surpassing the annual average of $1.14 billion .
Furthermore, some analysts predict that Bitcoin's price could reach $140K by the end of summer . Similarly, according to popular crypto analyst Crypto Rover, Bitcoin is currently forming a bullish pattern known as a “bull flag,” which often leads to explosive upward moves in past Bitcoin cycles .
Moreover, Bitcoin spot ETFs are showing strong institutional demand . According to Fairside data, there have now been two consecutive weeks of inflows, with $588.55 million added on June 24 alone .