Bitcoin’s retreat from a move above $87,000 has coincided with a sharp rise in realized profit-taking, leveraged long liquidations and withdrawals from U.S. spot Bitcoin ETFs, creating a concentrated period of selling pressure after the market’s early-October rebound.
BTC was recorded at $83,408.20 on Oct. 13, after sliding back toward $81,000 during the week. The price remained 7.95% above its level a month earlier, but was 27.64% below where it traded a year earlier and about 34% beneath its Oct. 6, 2025 all-time high of $126,198.07.
On-chain realized profit reached about $1.03 billion on Oct. 8, the second-highest daily reading of 2026. The year’s highest total was about $1.04 billion. The figure measures gains locked in when Bitcoin moves on-chain at a higher price than it last changed hands, making it a direct measure of profit realization rather than an estimate of unrealized paper gains.
The timing suggests that some holders used the rally toward $87,000 to sell coins acquired at lower levels. Yet on-chain profit data alone cannot establish who sold, why they sold, or whether their transactions represented outright sales, internal transfers, custody movements or other activity.
Etf withdrawals and liquidations added to selling pressure
The decline unfolded alongside about $520 million in long-position liquidations, according to the figures provided. Liquidations occur when trading platforms automatically close leveraged positions after traders no longer have sufficient collateral to support them. A large cluster of forced long closures can accelerate a falling market by adding market-sale orders as prices decline.
U.S. spot Bitcoin ETFs also recorded more than $702 million in net outflows during the period covered by the supplied data. Another set of figures placed net outflows from major Bitcoin funds at roughly $681 million for the Oct. 5 through Oct. 9 trading week, described as the weakest weekly demand reading since late June.
The slight difference between those totals likely reflects separate measurement windows or fund groupings. Both figures point in the same direction: money was leaving listed Bitcoin products during a week in which the underlying asset struggled to retain gains.
Bitcoin and Ether exchange-traded funds together saw $986.3 million in net outflows during the first half of October, based on the figures supplied. ETF flows do not map perfectly onto immediate spot-market buying or selling, since fund shares can trade independently of creations and redemptions. Sustained outflows can nevertheless reduce a source of institutional-market demand that has supported Bitcoin during previous periods of price strength.
The combination of realized gains, ETF withdrawals and liquidations offers a more complete explanation for the reversal than any single metric. Profit-taking can start a decline, but forced deleveraging and reduced fund demand can make the move deeper and faster.
Sopr shows coins were generally moving at gains
SOPR, or Spent Output Profit Ratio, provides a ratio-based view of the same behavior captured in realized-profit figures. It compares the U.S. dollar value of coins when they are spent with their dollar value when they last moved on-chain.
A SOPR reading above 1 indicates that spent coins were, on average, moved at a profit. A reading below 1 means the coins were moved at an average loss. At 1, the average transaction is close to break-even.
Earlier in September, SOPR was reported at 1.002 and remained above 1 for three consecutive weeks beginning Aug. 19, its longest such stretch in 2026. That run indicated that on-chain spending was generally taking place above holders’ recorded cost bases as Bitcoin recovered from its June low.
Separate October figures placed long-term holder SOPR at a weekly average of 1.25 and a monthly average of 1.16, against an annual average of 1.10. Long-term holders are generally defined in this framework as entities moving coins held for at least 155 days. Coins held for less than 155 days are categorized under short-term holder SOPR.
A long-term holder SOPR above 1 means older coins that are being spent are generally carrying gains relative to their last on-chain movement. It does not prove that every transfer is a sale, nor does it reveal the original price paid by the holder if the coin changed ownership off-chain before its last recorded blockchain movement.
June losses show how quickly the picture can reverse
The current profit-taking phase contrasts with conditions seen in early June. Long-term holders realized about $2.4 billion in losses over 48 hours into June 5, pushing long-term holder SOPR below 1. Bitcoin subsequently fell to an intra-year low of $58,035 on June 25, its lowest price since September 2024.
That episode illustrates why SOPR is most useful when read alongside price, transfer volume and market structure. A ratio below 1 can show that losses are being realized, but it does not independently identify a bottom. Conversely, readings above 1 can persist through extended advances when demand absorbs distribution.
MVRV, another widely used on-chain valuation measure, compares Bitcoin’s market value with its realized value. The metric guide cited in the supplied material associates readings above 3.5 with late-stage bull-market distribution and readings below 1 with capitulation and historical bottoming conditions. A reported MVRV reading of 1.548 places Bitcoin above its aggregate realized value, though well below the 3.5 level referenced by that framework.
On-chain data has blind spots
SOPR and realized-profit calculations capture only transactions visible on the Bitcoin blockchain. They do not fully reflect internal exchange matching, over-the-counter trades, much of the ETF creation and redemption process, or custody providers reorganizing wallet addresses.
That limitation is particularly relevant during periods of heavy ETF activity. Fund flows can affect market demand while leaving only partial traces in standard on-chain indicators, and coins moved between custody wallets may register as spending even when beneficial ownership has not changed.
Bitcoin’s retreat therefore reflects several observable pressures rather than a simple handover from older holders to new buyers. The October data shows substantial profit realization while ETF demand weakened and leveraged longs were forced out. Whether the market stabilizes near current levels will depend on whether spot demand returns strongly enough to absorb further selling from profitable holders.
Amid heavy BTC profit‑taking and ETF outflows, refine your timing edge with our on-chain focused Bitcoin valuation guide.
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