Cryptoquant: Third Profit-Taking Wave Mirrors Past Cycles, Hints at Future Breakout
Cryptoquant data reveals bitcoin is undergoing its third significant profit-taking wave of the 2023–2025 bull market, typically followed by a consolidation phase before new highs.
WRITTEN BY
Jamie Redman
Cryptoquant: Third Profit-Taking Wave Mirrors Past Cycles, Hints at Future Breakout
Post-Profit Consolidation Expected for Bitcoin, Ethereum
According to a Cryptoquant Institutional Insights report, this wave emerged after bitcoin ( BTC) surpassed $120,000 in late July 2025. It mirrors prior profit-taking episodes triggered by key price milestones: the first in March 2024 after U.S. spot bitcoin exchange-traded funds (ETFs) launched near $70,000, and the second from December 2024–February 2025 following bitcoin’s rally past $100,000 after the U.S. presidential election.
Cryptoquant researchers identified $6–8 billion in realized bitcoin profits in late July, matching peaks from earlier waves. New whales—entities holding bitcoin for under 155 days—drove much of the selling as prices hit records.
Source: cryptoquant.com
The Spent Output Profit Ratio (SOPR) further confirmed the trend. Cryptoquant’s data shows Short-Term Holder SOPR spiked above 1.05, indicating coins bought recently were sold at a 5 percent profit. This aligns with the OG whale’s high-profile sale of 80,000 BTC on July 25.
Profit-taking extended beyond bitcoin, the researchers note. Ethereum-based whales holding USDT, USDC, and WBTC collectively realized up to $40 million daily in late July—levels consistent with prior cycles.
Exchange inflows reinforced the activity. Bitcoin transfers to exchanges surged to 70,000 BTC in a single day, matching previous wave peaks. Altcoin inflows also rose, signaling broader risk-off sentiment, the analysts report.
Historically, such profit-taking precedes 2–4 months of price consolidation or moderate correction. Cryptoquant indicates this cooling phase has now begun, evidenced by weakening U.S. investor demand. The Coinbase premium turning negative suggests U.S. buyers are no longer paying above global spot prices.
Cryptoquant concludes that this cyclical pattern has consistently set the stage for renewed accumulation and eventual breakouts to new all-time highs.
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