Bitcoin Long-Term Holders’ Sales Shift from Loss to Profit: Has the Bull Started?

The trend of Bitcoin long-term holders selling at a loss is slowly shifting toward profitable sales.

Glassnode reported that Bitcoin (BTC) long-term holders were selling at a loss for most of the year, but this outlook is now starting to shift toward the profit side. The data provider noted that the transformation does not yet indicate the market has entered a strong bull period.

This assessment comes from the indicator tracking the realized profit and loss ratio of long-term holders. A negative ratio indicates a period where this cohort is offloading their coins below their cost basis.

Bitcoin indicator mirrors past bear market exits

Glassnode compared the current outlook to exit periods from past bear markets. However, the firm emphasized that this movement is closer to the stage seen before investors begin to clearly feel the bull market.

The chart shows the Bitcoin price for the 2012-2026 period along with the positive and negative realized profit-loss series of long-term holders. While previous cycles also saw periods where profitable sales strengthened after losses diminished, Glassnode did not present the current movement as a direct confirmation of a bull market.