Bitcoin long-term holders, who had paused profit-taking since early May, appear to have begun selling off their holdings again, according to Bitfinex analysts.

"Long-term holders of bitcoin are resuming their sales, and continued high levels of profit realization by long-term holders means the near-term outlook for bitcoin is vulnerable." Bitfinex analysts said.

According to Monday’s Bitfinex Alpha report, the long-term holder spent output profit ratio indicates that this group, which had previously been realizing profits at prices above the last cycle’s all-time high, is now taking profits again.

"Data indicates that long-term holders, who started realizing profits at prices higher than the $69,000 previous cycle high in Q2 2024, have begun to realize profits on their spot holdings …