According to @glassnode, the latest realized-profit wave in Bitcoin is led by 3–5 year holders, indicating prior-cycle investors are currently realizing gains (source: @glassnode, Aug 11, 2025). This contrasts with the Nov/Dec 2024 peaks, which were dominated by 6–12 month holders identified as early spot BTC ETF buyers (source: @glassnode, Aug 11, 2025).