Profit-Taking Peaks Again – Is the Next Crypto Rally About to Begin?

Key Points

1. Bitcoin saw its third major profit-taking wave in late July 2025, with realized profits spiking to $6–8 billion, led by new whales selling above $120K.

2. Previous profit-taking waves occurred in March 2024 (triggered by Bitcoin ETF approvals) and December 2024–February 2025 (following Bitcoin's rally past $100K after Trump's re-election).

3. On-chain metrics, such as the Spent Output Profit Ratio (SOPR), confirmed profit-taking, with short-term holders selling at a 5% profit and long-term holders realizing significant gains.

4. Profit-taking extended beyond Bitcoin, with whales cashing out stablecoins like USDT, USDC, and WBTC, and exchange inflows mirrored past profit waves.

5. Historical patterns suggest Bitcoin and Ethereum may enter a consolidation phase before the next rally, with U.S. investor appetite showing slight weakening.