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Bitcoin (BTC) holders have slowed their profit-taking in August as they are hesitant to sell, signaling a shift in market dynamics after a record-breaking July.

Long-term holders’ realized profits, measured over a seven-day moving average, have dropped sharply from July’s $1 billion-per-day streak, which was one of the busiest selling periods in the asset’s history, according to data from on-chain analytics platform Glassnode.

Current activity is mainly driven by long-term holders, especially those who have been holding the original cryptocurrency since the 2020–2022 cycle, unlike the profit-taking waves between November and December 2024, which were led by short-term holders who bought Bitcoin six to twelve months earlier, according to Glassnode. Although the price is still near the record high of $123,091 set a few weeks ago, investors with three to five years see gains, while others seem content to hold through the current levels.

Additionally, on-chain indicators show a change in market composition. Recent CryptoQuant data indicates that institutional whale trades have decreased since late Q2 2025, with smaller retail-sized orders now dominating most BTC futures activity.

This retail-heavy setup could allow prices to test new highs unless a new wave of large holders sells their positions. Historically, markets near their peaks dominated by heavyweight buyers have often been seen as signs of distribution phases.
Network growth is still robust in the interim. More than 364,000 new Bitcoin addresses were generated every day last week, according to a tweet earlier today from analyst Ali Martinez. According to him, it was the highest number in a year, indicating new retail involvement even as institutional flows temporarily decline.

Bitcoin was trading at around $118.5K at the time of writing,  down 2 percent from the previous day, following a brief intraday surge above $122K.