CryptoQuant: Bitcoin holders realized $1.1B on three-month high

CryptoQuant reported that Bitcoin holders realized roughly $1.1 billion by selling about 14,600 BTC on Monday after prices rose to a three-month high. The firm said the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) climbed above 1, indicating short-term wallets sold at a profit.

Julio Moreno, head of research at CryptoQuant, reported that the 14,600 BTC sold followed Bitcoin’s April rally and represented the largest single day of profit-taking since Dec. 10, when BTC traded above $90,000.

Moreno noted: “Bitcoin holders are realizing more than 20,000 BTC in net profits on a 30-day rolling basis, the first positive reading since December 22, 2025.” He added that February and March had produced heavy net losses that reached as deep as 398,000 BTC.

CryptoQuant’s research found that spikes in realized profits during bear-market periods have historically lined up with local price tops or stretches of sideways trading. The firm also reported that overall demand has not matched the level of selling and maintained that Bitcoin remains in a bear market.

Institutional flows showed continued interest in the same week. Farside data recorded four consecutive days of inflows into Bitcoin exchange-traded funds, with weekly inflows passing $1 billion before a $268.5 million outflow on Friday reduced net weekly gains.

Investor Michael Terpin forecast a possible bottom near $57,000 in October 2026 based on historical cycle patterns and assessed that a return to $100,000 in 2026 is unlikely. Other analysts are monitoring onchain metrics and ETF flows for further signs of sustained demand.

The STH-SOPR is an onchain indicator that measures whether wallets holding Bitcoin for less than 155 days are selling at a profit (values above 1) or at a loss (values below 1). Realized profit figures count coins moved onchain at prices higher than their acquisition price and are used to track when holders lock in gains.