Bitcoin long term holdings reached 14.37 million BTC, but take profit selling intensifies = Analyst Analysis

## "Not yet at the peak of the market"

Carmelo Alemán, an analyst from the on-chain analysis platform Cryptoquant, pointed out on the 15th that long-term holders (LTH) of Bitcoin (BTC) have significantly increased profit-taking from March to May. The spent output profit ratio (SOPR) for LTH rose by 71.33% from 1.3273 on March 12 to 2.27409 on May 13, indicating that the profits from selling held BTC have remarkably expanded.

Source: Cryptoquant

As of May 13, the average return for LTH reached 227.41%, with a $50,000 investment growing to approximately $113,705, resulting in a profit of about $64,000. This movement indicates that long-term holders (those holding for more than 155 days) are starting to realize the profits they have accumulated in response to the market's resurgence.

After April 4th, LTH added 339,000 Bitcoins to their holdings, bringing the total to 14,370,338 Bitcoins. However, at the same time, these investors are increasingly inclined to sell at higher profit margins, suggesting a new phase in the market.

Source: Cryptoquant

The sharp rise in SOPR has historically been associated with the "distribution phase," where veteran investors tend to lock in profits before price adjustments. This pattern has become an important indicator in understanding the cycles of the Bitcoin market, as explained by Mr. Alemán.

On the other hand, long-term holders are gradually starting to take profits, but it is also pointed out that the market has not yet reached the peak of the cycle.

Since the "Day of Liberation" tariff announcement by the Trump administration in April, many publicly traded companies have begun to follow Strategy Company and adopt Bitcoin. According to a recent study by the Bitcoin investment firm River, it has been confirmed that, starting from early 2025, the largest buyers of Bitcoin will shift from ETFs and individual investors to publicly traded companies. In particular, Strategy Company accounts for a significant portion of corporate Bitcoin purchases, having bought over 150,000 BTC just this year. Such corporate-led purchases are said to have a significant impact on market supply, in contrast to the movements of individual investors.

Source: River

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