Bitcoin profit-taking could accelerate as the cryptocurrency climbs to three-month highs, with investors increasingly locking in gains after the recent rally, according to CryptoQuant Head of Research Julio Moreno.

Moreno said Bitcoin holders realized profits of around 14,600 BTC, worth nearly $1.1 billion, on Monday following Bitcoin’s April price recovery. He described it as the highest single-day profit-taking activity since December 10, when Bitcoin was trading above $90,000.

According to Moreno, the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) an on-chain metric used to measure profit-taking by wallets holding BTC for less than 155 days has also moved above 1, indicating that the market has entered “clear profit-taking territory.”

He noted that Bitcoin holders are now realizing more than 20,000 BTC in net profits on a 30-day rolling basis, marking the first positive reading since December 22, 2025, after months of significant realized losses during February and March.

Moreno warned that spikes in realized profits during bear markets often signal local price tops or extended sideways trading periods. Despite the recent recovery, he maintained that Bitcoin remains in a broader bear market because demand has not fully recovered.

Meanwhile, inflows into Bitcoin exchange-traded funds (ETFs) have remained relatively strong, with weekly inflows surpassing $1 billion before recording a daily outflow of $268.5 million on Friday, according to market data.

Analysts remain divided on Bitcoin’s long-term direction. Early Bitcoin investor Michael Terpin said there is a possibility that BTC could bottom near $57,000 in October 2026 based on historical market cycle patterns.

Terpin added that while Bitcoin could potentially reclaim the $100,000 level in 2026, the probability currently appears limited.