Santiment data shows roughly $1.03 billion in realized profits on October 8. The price then slid around 5%, and the wider crypto market saw over $1 billion in liquidations.
Bitcoin holders realized approximately $1.03 billion in profits on October 8, the second-highest daily total of the year, according to Santiment. The selling followed a climb above $87,000.
Holders booked more profit than loss during the pullback, which looks like profit-taking rather than capitulation, per the source. Most of the gains came from short-term holders, and many of their coins moved to exchanges.
Bitcoin slides into a narrower range
Over the following week, Bitcoin slid around 5% and settled into a range of $80,300 to $82,500.
The wider crypto market also saw over $1 billion in liquidations, mostly from long positions. Those traders had borrowed to bet on higher prices, and the market forced them out when it moved against them.
Separately, CryptoQuant data showed short-term holder unrealized profit margins reaching as high as 33%, the highest level observed since late 2024.
Government wallets move more than 12,267 BTC
Wallets linked to the US government transferred more than 12,267 BTC on October 8, worth approximately $1.01 billion. Moving coins is not the same as selling them, and the data does not confirm what happened to the Bitcoin after the transfer.
A similar wave in September
In late September, Bitcoin pushed toward $85,000, and holders realized $2.4 billion in profits during that move. That wave came near a local peak, just as the October 8 spike arrived right before the roughly 5% pullback.
The key metric is the balance between realized profits and realized losses. If profit-taking keeps outpacing losses, the market may face more consolidation or additional corrective phases.
Source: Crypto Briefing
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