Bitcoin long-term holders (LTHs) realized over $120 million in profits during the recent market downturn, according to on-chain data. Analyst Ali Martinez highlighted that LTH whales, defined as those holding more than 1,000 BTC, took profits on September 21, coinciding with Bitcoin's decline to $112,000. Meanwhile, short-term holders (STHs) offloaded 15,700 BTC at a loss, indicating capitulation. On-chain analytics firm Glassnode reported that the cumulative realized profit by LTHs in the current bull cycle has reached 3.4 million BTC, marking the highest level in all but one previous cycle. This data underscores the strategic profit-taking by long-term investors even as short-term holders face losses.