According to CryptoQuant, the unrealized profit of long-term Bitcoin holders has declined to around 220%, even as BTC trades just 4% below its all-time high. This is notably lower than the 300–350% profit levels observed during market peaks in March and December 2024.

The realized price for long-term holders is now approximately $39,000, suggesting continued gains but a weakening upward impulse. These current levels mirror those seen during the October 2024 correction.

Analysts estimate that reaching previous cycle highs would require BTC to rise to $140,000. Currently trading near $107,000, the market is entering a seasonally slow phase. Summer months typically bring lower volumes and reduced liquidity.

According to trader Daan Crypto Trades, the third quarter of 2025 is likely to be marked by subdued price action. However, this period often creates conditions for the emergence of new narratives. Bitfinex analysts share this outlook, expecting a slower but still bullish Q3.

A key indicator of market momentum has also weakened, dropping to 50, which signals a neutral phase. Sustained growth typically requires a reading above 60, while a drop below 40 would indicate bearish conditions.

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