From CryptoPotato · By Chayanika Deka
Bitcoin holders have taken profits worth $1.03 billion in a single day, in what appears to be the second-highest realized profit recorded in 2026.
According to Santiment, the figure came close to this year’s peak of $1.04 billion, following Bitcoin’s recent climb above $87,000.
Profit-Taking Surges
The spike suggests many investors are cashing in on recent gains. Santiment’s network realized profit and loss metric tracks the gains or losses investors lock in when Bitcoin moves on-chain. A sharp rise in realized profits can point to increased selling activity across the market.
Such spikes often appear before short- to medium-term market cooling periods. Heavy profit-taking can add pressure on prices, while a further decline may push more traders and leveraged positions to exit. But it is important to note that the latest reading does not confirm a major reversal. The large profit-taking wave suggests Bitcoin’s recent rally is facing a fresh test.
The September rally has lost steam. Bitcoin’s price briefly plunged near $80,300 on Friday. It has since recovered but continued to trade below $82,700. But the transfer of 12,267 BTC from a US government-linked wallet, worth around $1.01 billion, on October 8 further raised concerns about more selling. The stash was seized from the 2016 Bitfinex hacker and moved to unidentified addresses. However, there is no confirmation that the government sold any coins.
On the institutional side of things, US-listed BTC spot ETF flows tumbled as well. These products pulled in around $2.65 billion in net inflows last month, but the trend has reversed in October, and nearly $410 million has flowed out so far. The outflows have especially picked up pace over the past two days. Wednesday saw a significant $487 million leave the market, followed by another $244 million on Thursday.
Breathing Room?
Despite the short-term turbulence, BTC reserves on Binance have continued to drop. Data shows the exchange’s Bitcoin holdings fell from 705,520 on September 21 to 664,831 on October 9. That’s a decline of 40,689 BTC, or 5.77%, in just 18 days. Lower exchange reserves can mean fewer coins are readily available for trading, potentially easing selling pressure if the trend continues.
Meanwhile, Daan Crypto Trades believes that the crypto asset has flushed out a good chunk of leveraged positions. The trader has now identified $83,000 as a crucial level to watch. A move back above it could bring the mid-range and recent highs back into play, with plenty of liquidity still sitting above $87,000. But if it fails to break through $83,000, bears could stay in control.
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