Bitcoin is trading at $84,358, up 1.6%. According to analyst Axel Adler Jr, despite the higher price, on-chain data shows profit-taking has weakened compared to August. At the September 24 peak, seven-day realized profits totaled $7.3 billion with Bitcoin at $84.1K, 19% lower than the $9.1 billion realized at the August 26 peak when Bitcoin traded at $78.6K. Realized losses also fell over the same period, from $2.6 billion to $1.5 billion. Short-term holder profitability, measured via STH SOPR, has stayed above 1 since August 20, meaning holders are still selling at a profit on average, but that margin has narrowed from 2.8% in late August to just 1% by September 28. Adler said this pattern may suggest sellers are holding back in anticipation of further gains, though a drop in STH SOPR below 1 alongside negative realized profit/loss would signal a shift toward deterioration.
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