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DIGITAL ASSETS · MARKET OBSERVATION

Analysis: Bitcoin surged 44% this quarter, but the scale of profit-taking is far from reaching historical top levels

PANews News on September 25, according to CoinDesk, Bitcoin rose 44% this quarter to nearly $85,000, the best quarter since the fourth quarter of 2024, after BTC had fallen for three consecutive quarters. As prices rose, some holders began to take profits. Bitfinex data shows that BTC holders have recently realized a cumulative profit of approximately US$2.4 billion. During the historical market top, single-day profits usually reached US$7 billion to US$10 billion. The current scale of profit-taking is significantly lower than the previous market top. At the same time, the U.S. Bitcoin spot ETF has accumulated a net inflow of US$2.84 billion in the past six trading days, exceeding the profits realized by BTC holders during the same period. The cumulative net inflow this year has been close to US$800 million.

PANews News on September 25, according to CoinDesk, Bitcoin rose 44% this quarter to nearly $85,000, the best quarter since the fourth quarter of 2024, after BTC had fallen for three consecutive quarters. As prices rose, some holders began to take profits. Bitfinex data shows that BTC holders have recently realized a cumulative profit of approximately US$2.4 billion. During the historical market top, single-day profits usually reached US$7 billion to US$10 billion. The current scale of profit-taking is significantly lower than the previous market top.

At the same time, the U.S. Bitcoin spot ETF has accumulated a net inflow of US$2.84 billion in the past six trading days, exceeding the profits realized by BTC holders during the same period. The cumulative net inflow this year has been close to US$800 million. Bitfinex also said that about 410,000 ETH flowed out of the exchange in the past month, and the U.S. Ethereum spot ETF attracted a total of US$680 million in funds for 4 consecutive trading days. CoinDesk said that under the influence of factors such as recent capital inflows and the scale of profit-taking by currency holders, major crypto assets such as BTC and ETH have not yet weakened significantly due to Bitget’s approximately US$452 million security incident.

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