Bitcoin at a crossroads: Is this the time to exit or keep HODLing?

• Alpha price suggests whales may take profits; realized price shows long-term bullish momentum remains.
• ETF inflows and rising realized price point to strong institutional conviction and continued uptrend.

Bitcoin [BTC] investors are at a crossroads. On-chain indicators are flashing conflicting signals — while the alpha price suggests it may be time to take profits, the realized price highlights the strength of long-term conviction.

The question now: play it safe or lean into the momentum?

A profitable signal for early whales

Bitcoin’s price reached the Alpha 8 band — an area that has previously aligned with significant profit-taking by long-term holders, or “OG whales.”

This doesn’t necessarily spell the end of the rally, but it does indicate that risk-adjusted returns may be diminishing for new entrants.

Source: Alphractal

With the asset already riding strong bullish momentum, this suggests we are entering a zone where caution is prudent.

Seasoned investors may begin scaling out, while opportunistic traders might wait for a more attractive re-entry during a future correction.

Realised price keeps climbing!

Unlike in previous cycles where downturns followed a flattening or decline in Bitcoin’s realized price, the current trajectory remains decisively upward.

This shows the average cost basis of all BTC holders, and it continues to rise — a sign of sustained capital inflows and growing conviction among investors.

Source: CryptoQuant

As long as realized price trends upward, historical precedent suggests the broader market remains in a growth phase. So while short-term volatility may persist, the long-term trend is still very much intact.

Institutional demand remains intact

Bitcoin ETF flows continue to paint a bullish institutional picture.

After a volatile Q1 with periods of net outflows, recent weeks have shown renewed strength in net inflows — resulting in $5.1 million in fresh capital this past week.

Source: SoSoValue

Total net assets across spot Bitcoin ETFs have rebounded to $119.67 billion, aligning with Bitcoin’s climb past $100,000.

Exit, hold or wait to enter?

With Bitcoin trading above $100K, those who accumulated below $70K may consider phased profit-taking, especially as the Alpha Price flashes caution.

For ETF investors, the trend remains constructive — holding makes sense as long as realized price climbs and SOPR stays above 1, signaling healthy profit-taking without panic selling.

Meanwhile, prospective entrants should resist FOMO and instead watch for pullbacks as smarter entry points.