CoinMeta data: Bitcoin traders are currently enjoying the largest unrealized profit in 21 months, at around 33%. As profit-taking increases and spot demand begins to weaken, the profit margins for short-term holders have reached their highest level since December 2024. On September 22, holders realized a profit of 25,700 BTC, which was the largest single-day total for 2026. Although Bitcoin has pulled back from its eight-month high of around $87,400, CryptoQuant still considers Bitcoin to be in a bull market, with a bull market rating index of 90. However, the increase in profits means that the pool of potential sellers is growing. CryptoQuant notes that spot Bitcoin demand has recently contracted, and the growth in futures activity has also slowed down. American spot Bitcoin ETF attracted approximately $2.39 billion in net inflows last week. Although daily demand has sharply slowed to around $31 million, it indicates that institutional accumulation remains active, though not as robust as last week's surge.