Bitcoin profit-taking reaches a 21-month high

CryptoQuant said short-term bitcoin holders' unrealised profit margin had reached 33 percent, its highest level since December 2024. The firm still classified the market as a bull phase, but said the amount of profit available to lock in raised the risk of a near-term correction.

Bitcoin holders realised 25,700 BTC in profit on September 22, the largest single-day total of 2026 in the firm's data. CryptoQuant also reported contracting spot demand and much slower growth in futures demand after bitcoin reached an eight-month high near $87,400.

On-chain profit measures describe incentives, not an automatic sell signal. A market can remain strong while holders take gains, but rising realised profit matters more when new demand is no longer accelerating at the same pace.