Bitcoin profit-taking hits $2.4 billion, well below past market tops
Bitcoin holders sell into the rally, but more slowly than before
Bitcoin's rally this quarter has led some holders to sell coins and lock in gains, but the pace of that selling is much slower than at earlier market peaks, according to CoinDesk's Daybook newsletter for Sept. 25, 2026.
CoinDesk data shows bitcoin gained 44% this quarter to nearly $85,000. The newsletter describes that as bitcoin's best quarter since the final three months of 2024, following three straight quarters of losses.
Holders have realized $2.4 billion in profits during the rise, according to data tracked by the crypto exchange Bitfinex.
Key numbers from the report
- Bitcoin up 44% this quarter, to nearly $85,000, its strongest quarter since late 2024.
- $2.4 billion in profits realized by holders, based on Bitfinex-tracked data.
- $7 billion to $10 billion: the daily range of realized profits Bitfinex says was seen at prior market tops.
- U.S. spot bitcoin ETFs took in a net $2.84 billion over six days and are now up nearly $800 million in net inflows for the year.
- About 410,000 ether left exchanges over a month, and U.S. spot ether ETFs attracted $680 million across four sessions, according to Bitfinex.
How realized bitcoin profits are measured
CoinDesk explains the measure as net realized profit/loss. It records the dollar gains locked in when coins actually move on the blockchain, the public ledger that records crypto transactions, at a price above the last price at which they changed hands.
The earlier transfer is treated as a cost basis. If a coin was last bought or spent at $40,000 and is later sent or sold at $84,000, the $44,000 difference is booked as realized profit.
Bitfinex said on X: "BTC holders just realised $2.4bn in profits. At prior market tops, daily realized profits ran between $7bn and $10bn."
ETF money is coming in faster than holders are cashing out
Money is still moving into U.S. spot bitcoin exchange-traded funds (ETFs), which are funds that hold bitcoin and trade on stock exchanges. The newsletter says they registered a net inflow of $2.84 billion over six days, more than the profits holders realized in that period.
Bitcoin ETFs are also up nearly $800 million in net inflows for the year. A separate CoinDesk report cited in the newsletter said the funds have erased a $5.8 billion hole built up earlier in the year.
Ether flows add to the bullish signals
About 410,000 ether came off exchanges over one month, while U.S. spot ether ETFs attracted $680 million in investor money across four sessions, according to Bitfinex. The newsletter says this paints a bullish picture for the near term.
Markets show no weakness after the Bitget hack
As of the time of writing, bitcoin, ether and other major cryptocurrencies showed no signs of weakness after a hack at the crypto exchange Bitget, the newsletter said. An exchange is a platform where users trade digital assets.
CoinDesk's price ticker listed bitcoin near $83,865 at the time of writing.
In traditional markets, rallies in the Dollar Index and Treasury yields appeared to have stalled, which the newsletter described as a relief for risk assets. Oil volatility stayed high amid confusing headlines related to the Iran war.
What is confirmed
The quarterly price gain comes from CoinDesk data. The $2.4 billion realized profit figure, the ETF flow numbers and the ether flow numbers come from data tracked by Bitfinex. Bitget CEO Gracy Chen has said the attack on the exchange involved faked transfer requests rather than stolen private keys.
What is still unclear
The size of the Bitget hack is not consistent in the supplied material. One part of the newsletter describes it as a $452 million hack, while a linked article says the exchange lost $351.6 million and its headline puts the figure at $352 million.
It is also not known whether the slower pace of profit-taking will continue. The description of that trend as a positive sign for the market, and of the ether flows as bullish for the near term, are views from the newsletter and Bitfinex, not confirmed outcomes.
Why the slower selling matters
Bitfinex's comparison puts the recent $2.4 billion in realized profits far below the $7 billion to $10 billion a day it says was seen at earlier market tops. The newsletter frames the slower pace as a positive sign for the market and notes that bitcoin ETF inflows have been larger than the profits holders realized.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.