Bitcoin trader profit margin hits 30.7%, highest since December 2024
Short-term holders are sitting on their fattest paper gains in nearly two years, and some have already started cashing out
Bitcoin traders are having a very good quarter. Their profit and loss margin has climbed to 30.7%, the highest reading since December 2024.
The timing matters because Bitcoin recently pushed toward an eight-month high of around $87,400. When prices run and paper gains pile up, the next question is simple: who blinks first?
The numbers behind the margin
The profit and loss margin tracks how far traders’ holdings sit above what they paid. At 30.7%, the average trader in this cohort is comfortably in the green.
A closer look at short-term holders shows an even bigger cushion. Data from CryptoQuant, shared by Head of Research Julio Moreno on September 26, 2026, put the unrealized profit margin for traders holding Bitcoin for one to three months at approximately 33%.
That figure also marks the peak since December 2024. So traders who bought within the last quarter are, on average, up roughly a third on paper.
On September 22, Bitcoin holders booked net profits of 25,700 BTC, according to the CryptoQuant analysis. That was the largest single-day profit realization recorded in 2026. It arrived during the same rally that carried Bitcoin close to its eight-month high.
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A bull market with some fatigue
Bitcoin posted a weekly close above its 365-day moving average, which sits at $80,000, confirming it remains in a bull market.
Underneath the headline strength, CryptoQuant’s analysis points to rising sell-side pressure tied to profit-taking. Other indicators flag weakening spot demand and a slowdown in futures growth.
Where this leaves the market
The 25,700 BTC profit day on September 22 shows that appetite to sell already exists. If a large share of short-term holders sell at roughly the same time, the added supply could push prices lower and stir up volatility.
Short-term holders matter here because they tend to react faster than long-term investors. They bought recently, often with shorter time horizons. A 33% paper gain looks a lot more tempting to someone holding for weeks than to someone holding for years.
Two support levels stand out in the analysis. The first is the 365-day moving average at $80,000. The second is the 200-day moving average near $71,000. If Bitcoin dips but holds above those lines, the move reads as consolidation inside an ongoing uptrend. If those levels break, the story shifts from “taking a breather” to “something is actually wrong.”
For traders, the practical watchlist is short. Keep an eye on whether realized profits keep spiking after the September 22 record. Watch whether spot demand stabilizes or keeps fading. And track how price behaves around $80,000, since that level is doing a lot of the work in the current bull case.