Is BTC Topping Out as Holders Sell?

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LTHs have increased their selling activities and are taking profits, but a market top has not yet been reached, as transactions are not at excessive levels.

Following bitcoin hitting its current all-time high (ATH), long-term holders (LTHs) have been collecting profits. This comes as the cryptocurrency consolidates to cool off from the latest rally.

The intensity of profit-taking from LTHs raises speculation that the market may have reached a peak for this cycle. However, Gaah, a pseudonymous analyst at the market intelligence platform CryptoQuant, believes the top is not yet in.

LTHs Take Profits

According to Gaah, the LTH Spent Output Profit Ratio (SOPR) has climbed to its highest level in 2025. The indicator has passed the mid-range, but remains below the red zone, which has marked cycle tops in past bull markets.

The SOPR’s current level indicates that LTHs have increased their selling activities, taking more profit, but not at excessive levels. Gaah said the market usually sees such high levels during periods of euphoria and mass distribution. This further suggests that the market has not yet reached its peak, despite bitcoin’s rally past $123,000.

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